Stock market shakes off a slump to reach more record highs

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Photo credit FILE - This Nov. 23, 2020 file photo shows the New York Stock Exchange in New York. U.S. stocks are ticking higher on Friday, Jan. 8, 2021, despite a sober reminder of how many jobs the pandemic is destroying, as Wall Street keeps focusing more on the economy’s potentially brighter future than its current pain. (AP Photo/Seth Wenig)

Stocks shook off a midday slump and powered higher in the afternoon, bringing major indexes to record highs and leaving the market with solid gains for the first week of the year. The S&P 500 added 0.5%. It rose 1.8% for the week. The Dow and Nasdaq also closed at record highs. Investors are hopeful that the Biden administration will move quickly to push through more badly needed support for American workers and