ECONOMY

US stocks approaching record as technology, energy stocks gain; Orbitz jumps on Expedia bid

  • Jay Heller, left, IPO Execution Officer for Nasdaq, shows Keith Dunleavy, CEO of Inovalon, the progress of pricing for his company's stock on computer screens during the Bowie, Maryland health-tech firm's IPO at the Nasdaq MarketSite, Thursday, Feb. 12, 2015 in New York.  Stocks rose in early trading Thursday as energy and technology stocks climbed. (AP Photo/Mark Lennihan)

    Jay Heller, left, IPO Execution Officer for Nasdaq, shows Keith Dunleavy, CEO of Inovalon, the progress of pricing for his company's stock on computer screens during the Bowie, Maryland health-tech firm's IPO at the Nasdaq MarketSite, Thursday, Feb. 12, 2015 in New York. Stocks rose in early trading Thursday as energy and technology stocks climbed. (AP Photo/Mark Lennihan)  (The Associated Press)

  • FILE - In this Feb. 10, 2011 file photo, American flags fly in front of the New York Stock Exchange, in New York. Stocks rose in early trading Thursday, Feb. 12, 2015, as energy and technology stocks climbed. (AP Photo/Mark Lennihan, File)

    FILE - In this Feb. 10, 2011 file photo, American flags fly in front of the New York Stock Exchange, in New York. Stocks rose in early trading Thursday, Feb. 12, 2015, as energy and technology stocks climbed. (AP Photo/Mark Lennihan, File)  (The Associated Press)

Stocks are closing near an all-time high as technology, materials and energy companies notch big gains.

Cisco jumped 9 percent Thursday after reporting better-than-expected earnings. Energy stocks rose as the price of oil rebounded. Traders were also encouraged by an acquisition in the online travel business and news of a cease-fire deal in Ukraine.

The Dow Jones industrial average rose 110 points, 0.6 percent, to 17,972.

The Standard & Poor's 500 index gained almost 20 points, or 1 percent, to 2,088, just two points off its record high.

The Nasdaq composite rose 56 points, or 1.2 percent, to 4,857.

Orbitz soared 22 percent after rival online travel site Expedia said it would buy the company.

The price of oil jumped $2.37 to close at $51.21 a barrel in New York.