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Stocks closed higher on Wall Street Wednesday as investors reviewed a mostly encouraging batch of earnings from big companies.
The S&P 500 rose 1.6% to an almost 2-month high. The Nasdaq and Dow Jones industrials also rose.
Starbucks and CVS closed higher after reporting solid quarterly results. PayPal shares soared on a report that activist investor Elliott Management has taken a large stake in the payment company. The 10-year Treasury yield slipped. Oil prices fell after the OPEC oil cartel and its allies decided to boost production in September by a much slower pace than in previous months.
The S&P 500 rose 63.98 points, or 1.6%, to 4,155.17.
The Dow Jones Industrial Average rose 416.33 points, or 1.3%, to 32,812.50.
The Nasdaq rose 319.40 points, or 2.6%, to 12,668.16.
The Russell 2000 index of smaller companies rose 26.48 points, or 1.4%, to 1,908.93.
For the week:
The S&P 500 is up 24.88 points, or 0.6%.
The Dow Jones Industrial Average is down 32.63 points, or 0.1%.
The Nasdaq is up 277.47 points, or 2.2%.
The Russell 2000 index of smaller companies is up 23.70 points, or 1.3%.
For the year:
The S&P 500 is down 611.01 points, or 12.8%.
The Dow is down 3,525.80 points, or 9.7%.
The Nasdaq is down 2,976.81 points, or 19%.
The Russell 2000 is down 336.39 points, or 15%.