U.S. stocks are closing higher Wednesday as investors continued to monitor the economic recovery and rising inflation.
A variety of companies that rely on consumer spending made solid gains. Dick’s Sporting Goods surged after reporting a jump in first-quarter sales and solid earnings as team sports returned. Urban Outfitters and Abercrombie & Fitch also made gains on similarly strong financial results.
The S&P 500′s gain was kept in check by lagging healthcare company stocks. Markets have been bumpy in recent days as investors move past a stellar corporate earnings season and look for additional clues on economic growth.
The S&P 500 rose 7.86 points, or 0.2%, to 4,195.99.
The Dow Jones Industrial Average rose 10.59 points, or less than 0.1%, to 34,323.05.
The Nasdaq rose 80.82 points, or 0.6%, to 13,738.
The Russell 2000 index of smaller companies rose 43.52 points, or 2%, to 2,249.27.
For the week:
The S&P 500 is up 40.13 points, or 1%.
The Dow is up 115.21 points, or 0.3%.
The Nasdaq is up 267 points, or 2%.
The Russell 2000 is up 34.01 points, or 1.5%.
For the year:
The S&P 500 is up 439.92 points, or 11.7%.
The Dow is up 3,716.57 points, or 12.1%.
The Nasdaq is up 849.71 points, or 6.7%.
The Russell 2000 is up 274.42 points, or 13.9%.