Economic news

U.S. stocks edge higher shrugging off selloff

U.S. stocks advanced on Wednesday, with gains in energy and banking sectors triggering the rebound from a sharp selloff driven by Italy’s latest political drama.

Photo: Reuters

The Dow Jones Industrial Average gained 0.47 percent, to 24,476.60, the S&P 500 added 0.55 percent, to 2,704.58 and the Nasdaq Composite rose 0.46 percent, to 7,430.60.

The Commerce Department reported gross domestic product increased at a 2.2 percent annual pace. The economy expanded at a 2.9 percent rate in the fourth quarter. Inc. jumped 4.6 percent after compnay's quarterly earnings topped analysts’ forecasts. Shares of Michael Kors Holdings Ltd. fell 4.2 percent.

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