Stocks Surged in Sharpest Rally in 4 Years

U.S. stocks soared almost 4% on Wednesday, halting a six-day losing streak, as traders pushed back expectations for when the Fed will hike interest rates, and cheered upbeat U.S. economic data. At close, the Dow Jones Industrial Average jumped 619.07 points, or 3.95%, to 16,285.51. The S&P 500 rose 72.90 points, or 3.90%, to 1,940.51. The Nasdaq Composite gained 191.05 points, or 4.24%, to 4,697.54.

Orders for long-lasting U.S. goods rose in July, and a key measure of investment posted the biggest gain in 13 months, a sign that companies continue to spend despite a tougher business climate. Durable-goods orders rose a seasonally adjusted 2% last month after a 4.1% gain in June, the Commerce Department said Wednesday.

BlackRock Inc. (BLK) said Wednesday it is purchasing FutureAdvisor, a privately held pioneer in the fast- growing business of using automated computer models to build and manage investment portfolios.