US Stocks Rise on Solid Economic Data, Earnings

AFP (16/01) -- US stocks Wednesday closed decisively higher following a batch of mostly solid economic and corporate earnings reports, and an upbeat Federal Reserve report.

At the closing bell, the Dow Jones Industrial Average rose 109.36 points (0.67 percent) to 16,483.22. The broad-based S&P 500 added 9.54 (0.52 percent) at 1,848.42, while the tech-rich Nasdaq Composite Index increased 31.87 (0.76 percent) to 3,609.84. Peter Cardillo, chief market economist at Rockwell Global Capital, said the Federal Reserve's 'Beige Book' survey pointed to a stronger economic conditions throughout the US. Cardillo also cited a report from the New York Federal Reserve bank that showed rising manufacturing activity in New York state. The World Bank also upgraded its 2014 economic growth forecast. Stocks are rising due to 'an improving economy, good prospects for earnings season and a theme that there is still no place to put your money' outside of equity, Cardillo said.