US STOCKS-Wall St rises as Fed concerns ease; GDP estimate cut

Wed Jun 26, 2013 10:03am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Mining stocks under pressure as gold tumbles

* General Mills slips after results

* U.S. Q1 final growth estimate cut to 1.8 pct

* Indexes up: Dow 0.83 pct, S&P 0.8 pct, Nasdaq 0.68 pct

By Chuck Mikolajczak

NEW YORK, June 26 (Reuters) - U.S. stocks climbed on Wednesday, putting the S&P 500 on track for its biggest two-day gain in three weeks, as concerns eased that the U.S. Federal Reserve will soon rein in its stimulus measures.

The S&P 500 's advance came on the back of a gain of nearly 1 percent on Tuesday, as data on durable goods orders, sales of new homes and consumer confidence all topped analysts' expectations and the People's Bank of China eased concerns about a possible banking crisis in the world's second-largest economy.

Still, the benchmark S&P index is down 3 percent since June 19, when the Fed signaled it may begin to scale back its stimulus efforts should its economic forecasts hold.

"If you look at the actual statement (Fed stimulus) is going to be data dependent and if you look at the Fed forecasting, they are usually more optimistic than what has actually happened," said Rick Robinson, regional chief investment officer for Wells Fargo Private Bank in Scottsdale, Arizona.   Continued...