Better US economic growth, earnings drive stocks

AP News
Posted: Jul 31, 2013 12:02 PM
Better US economic growth, earnings drive stocks

NEW YORK (AP) — Steady growth in the U.S. economy and higher company earnings are helping to push the stock market back to record levels.

The U.S. economy grew at an annual rate of 1.7 percent from April through June, more than economists were expecting.

The Dow Jones industrial average was up 55 points, or 0.4 percent, to 15,576 at noon Eastern Daylight Time Wednesday.

The Standard & Poor's 500 index was up seven points, also 0.4 percent, to 1,693. The Nasdaq composite rose 18 points, or 0.5 percent, to 3,635.

Stephen Moore

The yield on the 10-year Treasury note rose to 2.68 percent from 2.61 percent.

Cable operator Comcast, owner of NBCUniversal, rose 5 percent to $45.03 after reporting higher earnings.