U.S. stocks drifted higher following strong profit reports from big companies.
The S&P 500 added 0.4 percent Wednesday after flipping between modest gains and losses through the day. The Dow Jones Industrial Average rose 0.3 percent, and the Nasdaq composite climbed 0.6 percent.
BlackRock helped lead the market after becoming the latest financial company to report a bigger profit for the latest quarter than analysts expected. Stocks got a lift from easing yields in the bond market after data showed U.S. inflation slowed at the wholesale level last month. Oil prices swung near their highest levels in a month.
On Wednesday:
The S&P 500 rose 28.81 points, or 0.4 percent, to 7,572.40.
The Dow Jones Industrial Average rose 150.37 points, or 0.3 percent, to 52,658.64.
The Nasdaq composite rose 162.22 points, or 0.6 percent, to 26,269.23.
The Russell 2000 index of smaller companies rose 11.50 points, or 0.4 percent, to 2,976.26.
For the week:
The S&P 500 is down 2.99 points, or less than 0.1 percent.
The Dow is up 21.63 points, or less than 0.1 percent.
The Nasdaq is down 12.38 points, or less than 0.1 percent.
The Russell 2000 is down 1.55 points, or 0.1 percent.
For the year:
The S&P 500 is up 726.90 points, or 10.6 percent.
The Dow is up 4,595.35 points, or 9.6 percent.
The Nasdaq is up 3,027.24 points, or 13 percent.
The Russell 2000 is up 494.35 points, or 19.9 percent.
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