US stocks are closing higher on Wednesday as investors continue to monitor the economic recovery and rising inflation
US stocks are closing higher on Wednesday as investors continue to monitor the economic recovery and rising inflation.
Various companies that relied on consumer spending made solid profits. Dick’s Sporting Goods increased following reports of solid earnings in the form of a bounce in first quarter sales and a return to team sports. Urban Outfitters and Abercrombie & Fitch also profited on similarly strong financial results.
The S&P 500 was reinforced by a loss in healthcare company stocks. The market has been in turmoil in recent times as investors overtake a spectacular season of corporate earnings and are looking for additional clues on economic growth.
The S&P 500 rose 7.86 points or 0.2% to 4,195.99.
The Dow Jones Industrial Average rose 10.59 points, or less than 0.1%, to 34,323.05.
The Nasdaq gained 80.82 points or 0.6% to close at 13,738.
The Russell 2000 index of small companies rose 43.52 points, or 2%, to 2,249.27.
For the week:
The S&P 500 is up 40.13 points or 1%.
The Dow is up 115.21 points or 0.3%.
The Nasdaq is up 267 points or 2%.
Russell 2000 is up 34.01 points or 1.5%.
For the year:
The S&P 500 is up 439.92 points or 11.7%.
The Dow is up 3,716.57 points or 12.1%.
The Nasdaq is up 849.71 points or 6.7%.
Russell 2000 is up 274.42 points or 13.9%.