Stocks recover, on track for weekly gain

Traders work on the floor of the New Traders work on the floor of the New York Stock Exchange during the afternoon of May 20, 2014 on Wall Street. Retailers reported low earnings Tuesday, causing stocks to dip more than 100 points. Photo Credit: Getty Images / Andrew Burton

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Major U.S. stock indexes mounted a solid comeback Wednesday, recovering their losses from the prior day and finishing on track for a weekly gain.

It was the Dow Jones industrial average's biggest gain in five weeks.

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At the close on Wall Street, the Dow was up 158.8 points, nearly 1 percent, at 16,533.1. The Standard & Poor's 500 index gained 15.2 points, or about 0.8 percent, to close at 1,888. The index is up 2.2 percent for the year. The Nasdaq composite index added 34.7 points, or nearly 0.9 percent, to finish at 4,131.5.

In the absence of any major new economic data, investors focused on companies reporting quarterly earnings or otherwise garnering headlines.

Tiffany & Co. was a favorite early on, vaulting more than 9 percent on a sharp increase in earnings and revenue. Traders also cheered news of Netflix's plans to make a deeper foray into Europe, sending the Internet video service's shares up 5 percent.

Investors got a closer look at discussions held by the Federal Reserve's policymakers in their most recent meeting last month. Wall Street's reaction was muted, however, and the market kept on the upward trajectory it set upon early on.

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