US stocks closed higher Wednesday as investors continued to monitor the economic recovery and rising inflation. A variety of companies that rely on consumer spending made solid gains. Dick’s Sporting Goods jumped 16.7% after reporting a surge in first-quarter sales and solid earnings as team sports returned. Urban Outfitters and Abercrombie & Fitch also made gains on similarly strong financial results, the AP reports. The S&P 500's gain was kept in check by lagging healthcare company stocks. The index rose 7.86 points, or 0.2%, to 4,195.99. The Dow Jones Industrial Average rose 10.59 points, or less than 0.1%, to 34,323.05. The Nasdaq rose 80.82 points, or 0.6%, to 13,738.
Markets have been bumpy over the last few days as investors move past a stellar corporate earnings season and await additional clues on economic growth. "That’s just going to be the state of market environment for some time to come," says Kristina Hooper, chief global market strategist at Invesco. The next key economic update is set for Thursday, when the Commerce Department releases its latest GDP report for the first quarter. Economists are expecting a huge rebound in 2021 and results from the beginning of the year will give Wall Street a clearer picture moving forward. News that Amazon plans to buy MGM Studios didn't translate to a major stock boost: Amazon shares rose a modest 0.2%.
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