Stocks Climb Again with Help from Economic Data & Tech Rally

Michael Teague  |

Stocks on Wall Street were up for a third consecutive session by Wednesday’s close after choppy early trading, as the Federal Reserve Chairwoman Janet Yellen reaffirmed the central bank’s intent to support the US economy before an audience at the Economic Club of New York.

Support came earlier in the day from the release of the Fed’s monthly survey of US businesses, otherwise known as the Beige Book, that indicated economic expansion across most federal districts, largely as a result of a rally from a particularly harsh winter. Along with stronger manufacturing data, tech shares rallied, taking heart from Yahoo! Inc.’s (YHOO) modest earnings beat announced before the bell, as well from the anticipation awaiting the release of earnings statements from Google (GOOG) and IBM (IBM) .

Results for Wednesday, April 16

●     Standard & Poor’s 500 Index: +1.05 percent to 1,862.31

●     NASDAQ Exchange: +1.29 percent to 4,086.23

●     Dow Jones Industrial Average: +1 percent to 16,424.85

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●     Senior Editor Jacob Harper on Yahoo! Inc.’s (YHOO) earnings beat ahead of the debut of Alibaba, the well-known Chinese e-commerce site of which it holds a 24 percent share.

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