Stocks Advance as Global Pressures Ease, Rate-Hike Nerves Shelved
Wall Street went back on the offensive Wednesday, capitalizing on a calm in geopolitical pressures and easing rate-hike jitters in both the US and UK to push back into positive turf for 2014. Despite weak retail sales data and lackluster earnings, all three major indices closed higher. The Nasdaq Composite outperformed due to strength in biotech and chipmaker stocks. Although weakness in the retail sector weighed on the S&P 500 and Dow Jones Industrial Average, they pushed through resistance at 1,940 and 16,600, respectively.
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