NEW YORK (AP) — A pair of lackluster economic reports eased concern that the Federal Reserve would pull back on its economic stimulus, pushing stocks higher on Wall Street.
The number of Americans filing for unemployment benefits rose and an initial estimate of first-quarter economic growth was revised slightly lower. That suggests the U.S. economy may still need some time to recover from its funk and that the Fed will keep up its $85 billion in monthly bond purchases.
"The big worry that's been hitting the market lately, that the Fed might step back prematurely, might be fading a little today on the idea that the economy does need a bit more support," Jeff Kleintop, chief market strategist at LPL Financial, said.
The rise in the Standard & Poor's 500 index was led by banking and insurance stocks.
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