By Carla Mozee, Victor Reklaitis and Anora Mahmudova,
MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks rose on Wednesday,
rebounding after a losing streak that's been blamed in part on
worries about global growth and Mideast fighting.
Investors were waiting for speeches by Federal Reserve officials
later in the day. A stronger-than-expected report on new-home sales
may have contributed to late-morning gains.
The S&P 500(SPX) gained 10 points, or 0.5%, to 1,992.83.
Energy performed worst among the S&P's 10 sectors, while health
care fared best. The benchmark has closed lower for three days in a
row, pulling back from last Thursday's record close.
The Dow Jones Industrial Average(DJI) added 90 points, or 0.5%,
to 17,143.85. The blue-chip gauge has finished lower for two
straight days, retreating from its record close Friday.
Meanwhile, the tech-heavy Nasdaq Composite (RIXF) added 31
points, or 0.7%, to 4,539.35, while the small-cap Russell 2000
(RUT) -- which has lagged behind the other indexes this month and
this year -- gained 5 points, or 0.5%, to 1,124.12.
(Read more in Need To Know: Investors, media fixated on
imploding small-cap stocks
http://www.marketwatch.com/story/gold-10000-and-why-golden-is-worse-than-death-when-it-comes-to-crosses-2014-09-24.)
Trading rebound: The main indexes advanced to their session
highs out of the gate Wednesday. Wednesday's early advance may have
been more of a trading rebound than anything else, said Colin
Cieszynski, chief market strategist at CMC Markets.
"Economic news flow has been light," he said in a note, adding
that "monetary policy direction (more dovish in Europe, more
hawkish in the US) hasn't really changed."
Today's key economic news: The Commerce Department said sales of
new single-family homes surged 18% in August to a seasonally
adjusted annual rate of 504,000, the fastest pace in more than six
years. Economists polled by MarketWatch had expected a sales rate
of 426,000.
Investors were awaiting hints on Wednesday afternoon about the
Federal Reserve's timetable for raising interest rates.
Cleveland Fed President Loretta Mester, a voting member of the
central bank's policy committee this year, is due to speak at 12:15
p.m. Eastern. Her speech may deliver "the most potentially
significant news of the day," Cieszynski said.
Chicago Fed President Charles Evans, who will be a voting member
on the rate-setting panel in 2015, is expected to speak at 1 p.m.
Eastern.
Movers and shakers: Bed Bath & Beyond (BBBY) shares climbed
more than 7.5% to lead the S&P 500 after the home-furnishings
retailer late Tuesday posted better-than-expected quarterly
earnings.
Accenture (ACN) shares fell 1% after the consulting firm issued
a cautious outlook for its next fiscal year.
(Read more in the Movers & Shakers column
http://www.marketwatch.com/story/bed-bath-beyond-kb-home-jabil-likely-in-focus-2014-09-24.)
Other markets: Japan's Nikkei Average shed 0.2%. Meanwhile, the
dollar fell against the yen (USDJPY) after Japan's prime minister
said he's cautious about the yen's recent weakness.
European stocks mostly gained after initially wavering following
a sluggish reading on German business confidence. Gold futures
(GCZ4) dipped, and oil futures(CLX4) also declined.
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