Stocks edge higher; CBS gains on US court ruling
NEW YORK (AP) — U.S. stocks are edging higher after investors set aside a pair of weak reports on the economy.
The government reported that the U.S. economy shrank at annual rate of 2.9 percent in the first three months of the year and that orders for long-lasting goods sank 1 percent in May.
CBS and other broadcasters rose after winning a closely watched copyright case in the Supreme Court against a startup Internet company.
The Dow Jones industrial average rose 49 points, or 0.3 percent, to close at 16,867 Wednesday.
The Standard & Poor’s 500 index rose nine points, or 0.5 percent, to 1,959. The Nasdaq composite rose 29 points, or 0.7 percent, to 4,379.
Bond prices rose. The yield on the 10-year U.S. Treasury note fell to 2.56 percent.