US stocks solidly higher in afternoon trading; oil rises – Sentinel-Tribune

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U.S. stocks moved higher in afternoon trading Wednesday after Federal Reserve chair Janet Yellen told Congress that the central bank expects to raise interest rates at a gradual pace. The gains were broad, with real estate companies leading the pack as a slide in bond yields made high-dividend paying stocks more attractive. Energy stocks also rose as the price of crude oil climbed.

KEEPING SCORE: The Standard & Poor’s 500 index gained 18 points, or 0.8 percent, to 2,443 as of 2 p.m. Eastern time. The Dow Jones industrial average rose 132 points, or 0.6 percent, to 21,541. The Nasdaq composite added 61 points, or 1 percent, to 6,254. The Russell 2000 index of smaller-company stocks picked up 9 points, or 0.7 percent, to 1,422. The Dow was trading above its record high.

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