By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market moved higher on
Wednesday, recovering some of the losses from the previous session,
as news that Russia is ready to begin talks over the crisis in
Ukraine wiped out a bout of risk aversion.
However, selling of high-growth Internet stocks continued apace,
weighing on the Nasdaq Composite.
The S&P 500 (SPX) added 5 points, or 0.3%, to 1,872.90, with
8 or 10 main sectors trading higher. The Dow Jones Industrial
Average (DJI) gained 56 points, or 0.3%, to 16,457.44.
The Nasdaq Composite (RIXF) reversed opening gains and was 10
points, or 0.3%, lower at 4,069.19.
Follow MarketWatch's live blog of today's stock-market
action.
Investors will focus on congressional testimony from Federal
Reserve Chairwoman Janet Yellen about monetary policy and the
economy, due to begin at 10 a.m. Eastern.
A report ahead of opening bell showed that slower economic
growth caused in part by brutal winter weather led to a sharp
decline in U.S. productivity in the first quarter.
The productivity of American businesses fell at a 1.7% annual
rate from January through March, the Labor Department said
Wednesday. It was more than expected by economists polled by
MarketWatch.
Yahoo shares lower, Electronic Arts rallies
Shares of Yahoo Inc. (YHOO) fell 4.6% after Chinese Internet
heavyweight Alibaba Group Holding Ltd. filed plans to list shares
in the U.S.
Yahoo has a 24% stake in Alibaba, and its initial public
offering is poised to be one of the biggest listings on record.
Read: Yahoo's Alibaba moment has finally arrived.
Electronic Arts Inc. shares (EA) rallied 17%. Late Tuesday, the
videogame maker reported fourth-quarter results that outstripped
Wall Street's projections.
Shares in Whole Foods Market Inc. (WFM) dived 20%, still
suffering after the upscale grocer late Tuesday cut its full-year
profit and sales forecasts.
AOL Inc. (AOL) shares plummeted 15% after the Internet company's
first-quarter profit dropped more than 60%, hurt by restructuring
and asset impairment charges, even as revenue topped
expectations.
After the closing bell, Tesla Motors Inc. (TSLA) will release
quarterly results. Tesla is expected to report first-quarter
earnings of 8 cents a share, according to a consensus survey by
FactSet. Tesla earnings: Balancing goals and costs
Also due after hours are results from coffee company Keurig
Green Mountain Inc. (GMCR), which is projected to post fiscal
second-quarter earnings of 95 cents a share.
Gold prices fall, Oil rises
The U.S. dollar (DXY) was little changed against major rivals,
taking a slight breather after losses on Tuesday against the pound.
The pound (GBPUSD) traded near highs last seen in 2009, on the
doorstep of the $1.70 level.
Among commodities, June gold (GCM4) prices reversed gains and
fell $5, or 0.4%, to $1.303.50 an ounce. Crude for June delivery
(CLM4) rose 53 cents, or 0.5%, to $100.02 as tensions remained high
between Ukraine and Russia. The Ukrainian government said Wednesday
its forces have recaptured the city hall in the south-eastern port
of Mariupol from pro-Russian separatists, according to a BBC
report.
More must-reads from MarketWatch:
Michael O'Rourke: U.S. stocks may be the walking dead
Jim O'Neill: Short the euro, watch Apple, sell in May
Investors get bearish, suggesting stocks will rise
Subscribe to WSJ: http://online.wsj.com?mod=djnwires