Stocks Closed Higher; S&P at Record

U.S. stocks ended modestly higher on Wednesday that sent the S&P 500 to a record level, as investors shrugged of a mixed reading on the American economy. The Dow Jones Industrial Average rose 15.19 points, or 0.09%, to 16,737.53. The S&P 500 was up 3.64 points, or 0.19%, to 1,927.88. The Nasdaq Composite added 17.56 points, or 0.41%, to 4,251.64.

Economic growth strengthened throughout the country with a broad pick-up in manufacturing, “brisk growth” at some shipping ports and steady consumer spending, the Federal Reserve said on Wednesday.
The central bank’s Beige Book of anecdotal economic reports from around the country noted modest to
moderate growth in all 12 Fed regions.

Amazon.com (AMZN) on Wednesday sent out an invitation to “our new device unveiling. The e-commerce
giant posted the invite on Twitter and also on Google’s YouTube.

State-owned oil giant Petroleos Mexicanos, or Pemex, said Wednesday it sold a 7.86 percent stake in Repsol for $2.84 billion due to concerns about “corporate governance practices” at the Spanish oil
company.

Brown-Forman Corp. (NYSE:BFA) reported strong financial results for its fourth quarter and fiscal year ended April 30, 2014. For the full year, reported net sales increased 4 percent to $3,946 million (+6 percent on an underlying basis), reported operating income increased 8 percent to $971 million (+11 percent on an underlying basis), and diluted earnings per share increased 11 percent to $3.06 compared to $2.75 in the prior year period.

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