U.S. stocks gained for a third day Wednesday as investors' mood brighten after Best Buy Co released earning results, and Federal Reserve Chairman Ben Bernanke said the central bank will not need to save another financial firm.
Best Buy Co., the largest U.S. consumer electronics chain, gained the most in a month, nearing 2 percent, and led gains in retailers and technology companies after earnings topped analysts' estimates on an increase of sales. Best Buy posted fiscal fourth-quarter earnings of $1.71 a share.
The Standard & Poor's 500 Index gained 3.94 points, or 0.3 percent, to 1,374.12 at 12:25 a.m. in New York a day. The Dow Jones Industrial Average rose 4.89, or 0.1 percent, to 12,659.25. The Nasdaq Composite Index added 13.65, or 0.6 percent, to 2,376.40 . Almost two stocks rose for every one that fell on the New York Stock Exchange.
Citigroup Inc., the largest U.S. bank, and Wachovia Corp. gained after Bernanke said the Fed will consider ways to stem credit losses.
Citigroup gained 74 cents to $24.58. Wachovia, the fourth largest bank in the U.S., gained 45cents to $29.36.