US STOCKS-Wall St rises for third day after Fed's Dudley comments

Thu Jun 27, 2013 12:50pm EDT
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* Initial claims dip, personal income and spending climb

* Market lauds remarks by Fed's Dudley; Lockhart to speak

* ConAgra jumps after raising its outlook, PayChex drops

* Indexes up: Dow 0.7 pct, S&P 0.6 pct, Nasdaq 0.8 pct

By Ryan Vlastelica

NEW YORK, June 27 (Reuters) - U.S. stocks climbed for a third straight day on Thursday as concerns receded that the Federal Reserve would begin to unwind its stimulus efforts earlier than expected.

A decline in weekly jobless claims and improvements in consumer spending and income added to the positive tone and contributed to the S&P 500's best three-day run since January.

Equities have been since Fed Chairman Ben Bernanke said last week the central bank's bond-buying program, credited with fueling the market's 13-percent jump in 2013, would be reined in earlier than expected if economic conditions improve.

With Wall Street so closely tethered to the direction of Fed policy, uncertainty over the timing of a pullback to the program sparked a market decline of as much as 4.8 percent in the days following Bernanke's remarks.   Continued...