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Market Snapshot: Dow up 450 points in final hour of trade as S&P 500, Nasdaq hit fresh 14-month highs despite hawkish Fed and ECB

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The Dow rose nearly 450 points Thursday while the S&P 500 index and Nasdaq Composite hit fresh 14-month highs as investors digested a raft of U.S. economic data while shrugging off a hawkish Federal Reserve and another interest-rate hike from the European Central Bank.