US STOCKS-Wall St climbs for third day as Fed concerns fade

Thu Jun 27, 2013 2:28pm EDT
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* S&P 500 on pace for best three-day run since January

* Market lauds remarks by Fed's Dudley

* ConAgra jumps after raising its outlook, PayChex drops

* Indexes up: Dow 0.9 pct, S&P 0.9 pct, Nasdaq 1 pct

By Alison Griswold

NEW YORK, June 27 (Reuters) - U.S. stocks rose for a third straight day on Thursday as comments from several Federal Reserve officials eased fears that the central bank would begin to reduce its stimulus efforts in the near future.

The S&P 500 was on track for its best three-day run since January, bolstered by economic data showing a decline in weekly jobless claims and improvements in consumer spending and income.

While the S&P remains more than 3 percent below its all-time closing high of 1669.16 reached on May 21, it has rallied 2.7 percent over the past three sessions.

"The market continues to be trader-directed and it is completely based on sentiment -- how do traders feel today, tomorrow," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.   Continued...