NEW YORK (TheStreet) -- Markets on Wednesday ignored geopolitics for a day and turned instead to global growth prospects, stoking confidence that the bull market is here to stay even without the support of the Fed.
Back in the green for the year, the Dow Jones Industrial Average (DIA) rose 0.55% to 16,651.80. The S&P 500 (SPY) was 0.67% higher to 1,946.72, while the Nasdaq (QQQ) was ahead by 1.02% to 4,434.13. All sectors posted gains, led by healthcare, technology and even a pickup in industrials. Consumer staples trailed behind the rest as investors focused on sectors leveraged to an improving economy.
The Russell 2000
"There's been a shift to a focus on growth, certainly for today," said Jim Dunigan, chief investment officer at PNC Wealth Management.
Overnight, China reported high-single-digit industrial output growth and the Bank of England raised its 2014 GDP forecast. Japan's second-quarter GDP crashed but due to a widely expected sales tax hike. Eurozone industrial output fell 0.3% in June, but the two largest economies of Germany and France both recorded a sequential rise.
U.S. retail sales came in lower than the consensus, unchanged in July and up 0.1% excluding autos, said the Census Bureau. But economists are expecting an upward revision in the next report in light of higher U.S. job openings, fewer layoffs, rising consumer confidence and increasing wealth. The government also reported an as-forecast 0.4% increase in June business inventories.