(By Salman - iStockAnalyst Writer) US stocks finished higher on Wednesday after US Federal Reserve said in its Beige book that the economy continued to stabilize across much of the country in June and August.
The Dow Jones Industrial Average climbed 49.88 points or 0.53% to finish at 9,547.22. The S&P 500 rose 7.98 points or 0.78% to end at 1,033.37. The Nasdaq Composite gained 22.62 points or 1.11% to 2,060.39.
US Federal Reserve said in its Beige book that the economy continued to stabilize across much of the country, led by a recovery in factory activity and an improvement in residential real estate.
Meanwhile, the Mortgage Bankers Association reported Wednesday that mortgage applications to surge a seasonally adjusted 17% last week from the previous week.
Shares of equipment maker Caterpillar Inc. (NYSE:
CAT) jumped $1.44 or 3.07% to $48.41.
Diversified US firm General Electric (NYSE:
GE) surged 37 cents or 2.55% to close at $14.87.3M Co. (NYSE: MMM) rose $1.49 or 2.08% to $73.18.
Shares of airplane maker Boeing Co. (NYSE:
BA) soared $1.03 or 2.08% to $50.53.
Walt disney (NYSE: DIS), the largest US aluminum maker, gained 67 cents or 2.55% to close at $26.95.
Late on Tuesday, Casey's General Stores (NASDAQ:
CASY) said that its fiscal first quarter net income jumped to $44.2 million, or 87 cents per share, in the three months that ended July 31, from $28.8 million, or 57 cents per share, in the year-ago quarter. Revenue declined 24% to $1.19 billion. Shares rallied $2.37 or 8.41% to $30.56.
Shares of drugmaker Vivus (NASDAQ:
VVUS) soared $4.89 or 70.77% to $11.80 in pre-market trading after it announced that it had successfully completed two late-stage studies for its experimental weight loss drug, Qnexa.
On the downside, shares of McDonald's (NYSE:
MCD) lost $1.13 or 2.01% to end at $55.09. Early on Wednesday, McDonald's Corp. (NYSE: MCD) announced that its global comparable sales climbed 2.2% in August. US Sales rose 1.7% while it increased 3.5% in Europe. Sales in Asia/Pacific, Middle East and Africa dropped 0.5%.
Apple (NASDAQ:
AAPL) CEO Steve Jobs on wednesday unveiled a new iPod lineup,, including new Nanos with video cameras, and slashed most of the music players' prices. Shares of Apple fell $1.79 or 1.04% to $171.14.
Palm Inc. (NASDAQ:
PALM) on Wednesday unveiled a new cellphone called the Pixi.It also announced that it is dropping the price of its Pre smartphone by $50 to $150, with a two-year service agreement and after a $150 instant rebate and $100 mail-in rebate.Shares of the company plunged $1.31 or 8.74% to $13.67.
Talbots Inc.(NYSE:
TLB) reported that its second-quarter loss narrowed to $24.5 million, or 45 cents a share, from $25 million, or 47 cents a share, in the year-ago period. Excluding charges, the women's clothing retailer's loss from continuing operations was 33 cents a share. Revenue slipped to $304.6 million from $395.2 million. Talbots dropped 16 cents or 2.25% to $6.95.
European stocks settled with gains. The UK FTSE advanced 56.96 points or 1.15% to 5,004.30.The German DAX and French CAC increased 1.69% and 1.28% respectively.
Asian stocks finished higher. The Nikkei 225 rose 72.29 points or 0.70% to 10,393.23. The Hang Seng index of Hong Kong jumped 440.50 points or 2.14% to 21,069.81.
NYMEX crude oil for October delivery climbed 21 cents or 0.3% to $71.31 a barrel .
Disclosure: Author doesn't own any of the stocks discussed here.
