U.S. stocks moved higher in the mid-week session on a wave of mostly upbeat economic news. Bobbi Rebell reports.
Encouraging economic data got investors in a buying mood. Financials, like JPMorgan Chase and Goldman Sachs, pulled the Dow higher as Treasury yields rose to a three-week high. The U.S. trade deficit narrowed by more than 19 percent in April as imports dropped. And payrolls processor ADP said private employers added 201,000 jobs last month, the most jobs since January. That's a positive sign for the government's jobs report that comes out this Friday. JPMorgan Chase senior economist Jim Glassman: SOUNDBITE: JAMES GLASSMAN, SENIOR ECONOMIST, JPMORGAN CHASE (ENGLISH) SAYING: "It probably suggests payrolls should do, at least, as well, if not slightly better. This is private employment. The ADP survey tends to undershoot payrolls in May in recent years, so there's a good chance, we could see something a little better." The Fed's beige book report of anecdotal information on business activity showed U.S. economic activity expanded from early April to late May, and growth was expected to continue at a modest to moderate pace, against a backdrop of declining oil and gas investment. Turning to corporate news: Mylan's migraine could get worse. Reuters has learned Teva plans to more than double its stake in the generic drug maker as it seeks to buy the company. Mylan's shares rose. Wendy's zoomed higher. The hamburger chain is buying back $1.4 billion of its shares. A lot of market moving action from Wall Street analysts: LinkedIn's shares getting a lift from JPMorgan, which added the networking company to its equity analyst focus list. Morgan also upped the price target for GoPro, boosting that stock. It says, innovation at the wearable camera maker keeps gathering momentum. And Amazon.com's shares rose after Piper Jaffray raised its price target. Analyst Gene Munster says he's optimistic about Amazon's prospects for growing revenue. Over in Europe, stocks closed higher.