Stocks move higher as auto sales increase
NEW YORK • Stocks are closing higher on Wall Street after automakers reported strong sales gains.
The Dow Jones industrial average rose 96 points, or 0.7 percent, to close at 14,930 points Wednesday.
The Standard & Poor's 500 index rose 13 points, or 0.8 percent, to 1,653 and the Nasdaq composite rose 36 points, or 1 percent, to 3,649.
General Motors and Ford both rose sharply after reporting big sales increases last month. August was the best month for auto sales in six years.
Technology companies also climbed. Apple gained $10.11, or 2 percent, to $499.698 after Cantor Fitzgerald initiated coverage of the company with a "buy" rating.
Two stocks rose for every one that fell on the New York Stock Exchange. Trading volume was about average at 3.2 billion shares.