By DPA,
New York : Major US stock indices advanced Wednesday after a slew of positive economic data from the US.
The Federal Reserve is slightly more optimistic about the pace of recovery, according to the minutes of its last rate-setting meeting, leading some members to ponder raising interest rates from a record low and shrinking the central bank’s massive balance sheet in the near future.
Earlier Wednesday, government data showed that industrial production and new home construction rose more than expected in January, both signs that the world’s largest economy is gaining steam.
The blue-chip Dow Jones Industrial Average added 40.43 points, or 0.39 percent, to 10,309.24. The broader Standard & Poor’s 500 Index climbed 4.64 points, or 0.42 percent, to 1,099.51. The technology-heavy Nasdaq Composite Index was up 12.1 points, or 0.55 percent, to 2,226.29.
The gains came after stocks posted major rallies of more than 1.5 percent Tuesday.
The US currency climbed against the euro to 73.54 euro cents from 72.64 euro cents on Tuesday. The dollar gained against the Japanese currency to 91.23 yen from 90.17 yen a day earlier.