Stocks Closed Higher, Shook Off Brexit Worries

U.S. stocks ended with solid gains on Wednesday as investors attempted to shake off worries tied to the U.K.’s vote late last month to exit the European Union, dubbed Brexit. The Dow Jones Industrial Average ended 78.00 points, or 0.44%, to 17,918.62. The S&P 500 rose 11.18 points, or 0.54%, to 2,099.73. The Nasdaq Composite climbed 36.26 points, or 0.75%, to 4,859.16.

Federal Reserve policymakers decided in June that interest rate hikes should stay on hold until they have a handle on the consequences of Britain’s vote on EU membership, according to the minutes from the Fed’s June policy meeting released on Wednesday.

The U.S. economy likely grew at a 2.4 percent annualized rate in the second quarter following the latest data on vehicle sales and the trade balance, the Atlanta Federal Reserve’s GDPNow forecast model showed on Wednesday.

Shares of Western Digital Corp.(WDC) rallied in Wednesday’s extended session after the maker of computer disk drives raised its quarterly earnings outlook. The company raised its fourth-quarter adjusted earnings per share estimate to about 72 cents versus 65 cents to 70 cents previously and boosted its revenue outlook to $3.46 billion from a range of $3.35 billion to $3.45 billion.