Stocks Opened Higher in Second Day of Post-Brexit Turnaround

U.S. stocks opened higher on Wednesday, as global markets continued to shake off worries about the impact of the U.K.’s vote last week to quit the European Union. The Dow Jones Industrial Average lately gained 152.69 points, or 0.88%, to 17,562.41. The S&P 500 rose 19.38 points, or 0.95%, to 2,055.47. The Nasdaq Composite advanced 49.43 points, or 1.05%, to 4,741.29.

U.S. consumer spending rose for a second straight month in May on increased demand for automobiles and other goods. The Commerce Department said on Wednesday consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.4 percent last month, pointing to an acceleration in economic growth in the second quarter.

U.S. bank JP Morgan said on Wednesday it now expects Scotland to vote for independence and introduce its own currency before Britain leaves the European Union in 2019. Scottish First Minister Nicola Sturgeon will meet European Commission President Jean-Claude Juncker on Wednesday afternoon, seeking a way for Scotland to remain in the EU.

General Mills Inc. (GIS) announced a dividend increase and beat earnings expectations. The food company said it had fourth-quarter income of $379.6 million, or 62 cents per share, up from $186.8 million, or 30 cents per share, for the same period last year.

Alcoa Inc. provided further details Wednesday of its plans to separate its more-profitable assets focused on the aerospace and automobile industries from its less-promising mining, refining and smelting business, which has been dragged down by the commodities bust.

Monsanto Co.’s chief executive gave no formal update Wednesday on a $62 billion takeover proposal from Bayer AG, as the biotech-seed company said earnings fell more than Wall Street expected amid “an unforeseen level of challenges affecting our business.”

Shares of Diamond Resorts International Inc. (DRII) is soaring on Wednesday, after The Wall Street Journal reported that Apollo Global Management was nearing a deal to buy the resort management company.

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