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U.S. stocks up amid factory order spike; Dow passes 13,200

U.S. stocks up amid factory order spike; Dow passes 13,200

Stocks jumped Wednesday, sending the Dow Jones industrials past 13,200 for the first time after a strong reading on U.S. factory orders stoked investor optimism about the economy.
The Commerce Department said orders to U.S. factories jumped 3.1 percent in March _ the largest increase in a year _ amid strong demand for commercial aircraft and a sharp rise in an indicator of how much companies are investing in their business. The increase easily outpaced the 2 percent rise analysts had been expecting.
As investors begin to look toward Friday's Labor Department reports on nonfarm payrolls and unemployment, they are also keeping watch over corporate profits as they try to determine how quickly the economy might be slowing and whether the stronger-than-expected earnings might continue to give stocks a lift.
Yum Brands Inc., parent of fast-food chains KFC, Taco Bell and Pizza Hut, reported a 14 percent increase in first-quarter earnings as its international operations turned in a tidy profit.
In midmorning trading, the Dow Jones industrial average rose 67.12, or 0.51 percent, to 13,203.26. The blue chip index hit a fresh trading high of 13,205.62 after reaching 13,184.14 Tuesday. The Dow has set 16 record closes this year and 38 since the beginning of October; the latest closing high came Tuesday.
Broader stock indicators rose Wednesday. The Standard & Poor's 500 index advanced 7.83, or 0.53 percent, to 1,494.13, and the Nasdaq composite index rose 16.83, or 0.66 percent, to 2,548.36.


Updated : 2021-07-30 06:44 GMT+08:00