US stocks rise after positive economic reports

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Associated Press

Posted on August 29, 2013 at 11:01 AM

Updated Thursday, Aug 29 at 11:02 AM

NEW YORK (AP) — Stocks are edging higher in midday trading on Wall Street after encouraging reports on the U.S. economy.

The Dow Jones industrial average was up 78 points, or 0.5 percent, to 14,902 as of noon Eastern Daylight Time Thursday.

The Standard & Poor's 500 index rose 10 points, or 0.7 percent, to 1,645. The Nasdaq composite rose 41 points, or 1.2 percent, to 3,635.

The government raised its estimate for U.S. economic growth in the April-through-June quarter to 2.5 percent from 1.7 percent. The number of Americans seeking unemployment benefits also continued to decline.

Verizon rose after Vodafone confirmed it was in talks to sell Verizon its stake in their U.S. joint venture, Verizon Wireless. Verizon gained $1.54, or 3 percent, to $48.10.

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