U.S. stocks rise Wednesday, putting the S&P 500 and the Nasdaq on track for a third straight day of gains, as investors weighed conflicting data on the U.S. economy with concerns tied to the U.K.’s exit from the European Union.
U.S. stocks rose Wednesday, putting the S&P 500 and the Nasdaq on track for a third straight day of gains, as investors weighed conflicting data on the U.S. economy with concerns tied to the U.K.’s exit from the European Union.
What’s driving the market? U.S. investors continue to parse data on the U.S. economy, with a report on durable goods orders coming in surprisingly strong, following previous reports showing a sharp slowdown in business investment. U.S. construction spending rose 1.3% in January, the largest increase since April, after a 0.8% decrease in December, the Commerce Department said.
“With the February producer price figures showing few signs of a pickup in inflation in the pipeline, there is still a strong case for the Fed to remain patient,” he added. Shares of Rite Aid Corp. RAD, +4.04% rose 5.1% after the drugstore chain’s Chief Executive John Standley said he would step down.
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