Stocks on Wall Street closed broadly higher Wednesday as investors welcomed encouraging economic data and quarterly earnings reports from big companies including Starbucks.
The S&P 500 rose 1.6 percent to an almost 2-month high, while the Nasdaq gained 2.6 percent. Both indexes more than recouped losses earlier in the week. The Dow Jones Industrial Average rose 1.3 percent and the Russell 2000 index of smaller companies ended 1.4 percent higher.
Technology companies, retailers and communications companies were some of the biggest winners. Only energy sector stocks fell, dragged down by lower oil prices.
Investors cheered a report on the services sector, which makes up the bulk of the U.S. economy. The sector grew faster than expected in July, according to the Institute for Supply Management. A separate report showed U.S. orders for big-ticket, durable goods increased more than expected in June….