New York - Major stock indices closed higher on Wednesday amid gathering optimism about the US economy, with shares of
financial firms leading the stock market. US wholesalers reported a drop of 0.2 per cent in inventories in January, which was widely interpreted as a sign of rising demand.
Share prices for major banks and insurers helped drive the increase in the broader stock market. The financial subset within the Standard and Poor's 500 Index was up for a ninth straight trading session, the sectors longest share rally in 12 years, according to the Bloomberg financial news agency.
The blue-chip Dow Jones Industrial Average added 2.95 points, or 0.03 per cent, to 10,567.33. The broader Standard and Poor's 500 Index gained 5.16 points, or 0.45 per cent, to 1,145.61. The technology-heavy Nasdaq Composite Index jumped 18.27 points, or 0.78 per cent, to 2,358.95.
The US
currency was off against the euro at 73.23 euro cents from 73.53 euro cents on Tuesday. The dollar rose against the Japanese currency to 90.51
yen from 89.99 yen.
