New York – U.S. stocks locked in strong gains at Wednesday’s close after investors cheered strong earnings reports from Morgan Stanley and FedEx Corp., setting aside recent worries about the Federal Reserve’s interest-rate decision next week.
News that crude-oil supplies hit an eight-year high last week also gave the market some relief.
The Dow Jones industrial average closed up 104.62 points, or almost 1 percent, at 11,079.46, a bit below its intraday high of 11,131.73.
Of the Dow’s 30 components, only AT&T Inc., Pfizer Inc. and Walt Disney Co. finished in negative territory.
The Nasdaq Composite Index rose 34.14 points, or 1.6 percent, to 2,141.20. The S&P 500 gained 12.08 points, or almost 1 percent, to close at 1,252.20, putting it back in positive territory for the year.
The Bloomberg Colorado Index, a price- weighted list of companies based in the state, added 4.48, or 1.4 percent, to 329.96. Seventy-seven stocks rose, 27 fell, and seven were unchanged. The index has gained 14 percent in the past year.
Chipotle Mexican Grill, a Denver-based fast-food chain, added $2.33 to $63. Whiting, a Denver-based explorer and producer of oil and natural gas, gained $1.28 to $36.78.
Among stocks that declined, Myogen Inc., a Westminster-based drugmaker, lost 63 cents to $26.76. Crocs Inc., a Niwot-based shoemaker, fell 15 cents to $23.75.
More than 1.65 billion shares were traded on the NYSE and more than 1.88 billion on the Nasdaq. There were three rising stocks for every decliner on the NYSE, and 21 winners for every eight Nasdaq losers.
Analysts had expected a cautious session, but stocks shot higher at the opening and managed to rally throughout the day.
Investors were encouraged by above-forecast earnings from Morgan Stanley and Fed Ex, which suggested that corporations can perform well despite climbing interest rates.
