Stocks Rose on Fed Officials’ Remarks

Stocks rose on Tuesday, with the Dow and the S&P 500 closing at new all-time highs, as comments from Federal Reserve officials eased some concerns that the central bank could start reducing its stimulus program. The Dow Jones Industrial Average gained 52.30
points, or 0.34%, to end at 15,387.58. The S&P 500 index climbed 2.87 points, or 0.17%, to 1,669.16. The Nasdaq Composite rose 5.69 points, or 0.16%, to 3,502.12.

Two senior Federal Reserve officials on Tuesday played down the chances that the U.S. central bank would signal a readiness to reduce its bond buying at its meeting next month, dampening speculation the Fed’s ultra-easy monetary policy might end soon.

Sony Corp is considering evaluating a proposal from top shareholder Third Point LLC to spin off part of its movie and music business, Japanese daily Nikkei reported.

Gap Inc’s (GPS.N) chairman and CEO said on Tuesday the U.S. retailer was ready to sign a global accord designed to prevent another deadly disaster in Bangladesh’s garment industry, provided there were some “very minor accommodations.”