Stocks are closing higher Thursday, as gains by banks and technology companies led a broad rally.

The Dow Jones Industrial Average hit a new high.

Healthcare was hurt by news late Wednesday that the White House supports waiving intellectual property rights for coronavirus vaccines to help immunize poorer countries faster. Shares of drugmaker Moderna lost 1.4% as investors shrugged off its first-ever quarterly profit.

On Thursday:

The S&P 500 rose 34.03 points, or 0.8%, to 4,201.62.

The Dow Jones Industrial Average rose 318.19, or 0.9%, to 34,548.53.

The Nasdaq rose 50.42 points, or 0.4%, to 13,632.84.

The Russell 2000 index of smaller companies rose 0.05 points, or less than 0.1%, to 2,241.42.

For the week:

The S&P 500 is up 20.45 points, or 0.5%.

The Dow is up 673.68 points, or 2%.

The Nasdaq is down 329.84 points, or 2.4%.

The Russell 2000 is down 25.03 points, or 1.1%.

For the year:

The S&P 500 is up 445.55 points, or 11.9%.

The Dow is up 3,942.05 points, or 12.9%.

The Nasdaq is up 744,56 points, or 5.8%.

The Russell 2000 is up 266.57 points, or 13.5%.