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The S&P 500 and the Dow hit all-time highs on Friday as Morgan Stanley wrapped up earnings reports from the big U.S. banks with a profit surge, while optimism about a solid economic rebound put the main indexes on course for weekly gains.

The Dow Jones Industrial Average rose 171.17 points, or 0.50%, at the open to 34,207.04. The S&P 500 opened higher by 10.72 points, or 0.24%, at 4,180.42, while the Nasdaq Composite fell 23.35 points, or 0.17%, to 14,015.22 at the opening bell.