Stocks Move Higher on Positive Corporate Earnings
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Ben Hider/Getty Images(NEW YORK) — Stocks moved slightly higher Wednesday thanks to some promising corporate earnings reports and reassuring words from the head of the Federal Reserve.
The Dow Jones Industrial Average closed up 18.67 points Wednesday to finish the session 15,470.52. The Nasdaq added 11.50 points, closing at 3,610. The S&P gained 4.65 points and closed at 1,680.91.
Bank of America’s second-quarter profits beat expectations with its earnings release Wednesday. CSX railroad’s latest earnings numbers were also better than expected.
Federal Reserve Chairman Ben Bernanke told Congress that the economy is improving but not quickly enough. For that reason, the Central Bank will continue its bond-buying and economic stimulus programs for the time being.
You may not see as many homes under construction, but builders aren’t worried. The Commerce Department says new home starts dropped by about 10 percent from May to June, but they’re still 10 percent higher than last year.
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