Markets Close With Solid Gains

Major US stock indexes are closing with solid gains, bringing the Standard & Poor's 500 and another key index just short of setting all-time highs, the AP reports. Companies that make basic materials and consumer-focused stocks like retailers posted the biggest gains Wednesday. Automakers Ford and General Motors each rose 5% after posting strong December sales numbers. Gap rose 3%. The Dow Jones industrial average rose 60 points, or 0.3%, to 19,942. The S&P 500 gained 12 points, or 0.6%, to 2,270, one point short of its record high close from last month. The Nasdaq composite rose 47 points, or 0.9%, to 5,477. The Russell 2000 index of small-company stocks rose 1.6% and was just shy of its own all-time high close. (Read more Dow Jones stories.)