Stocks edge higher; CBS gains on US court ruling

Associated Press |

NEW YORK (AP) — U.S. stocks are edging higher after investors set aside a pair of weak reports on the economy.

The government reported that the U.S. economy shrank at annual rate of 2.9 percent in the first three months of the year and that orders for long-lasting goods sank 1 percent in May.



CBS, Disney and other broadcasters rose after winning a closely watched copyright case in the Supreme Court against a startup Internet company.

The Dow Jones industrial average rose 36 points, or 0.2 percent, to 16,852 points as of noon Eastern time Wednesday.

The Standard & Poor's 500 rose four points, or 0.2 percent, to 1,954. The Nasdaq rose eight points, or 0.2 percent, to 4,358.

Bond prices rose. The yield on the 10-year U.S. Treasury note fell to 2.55 percent.

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