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Stocks shake off early losses, close with modest gains

A Wall Street street sign outside the New

A Wall Street street sign outside the New York Stock Exchange on July 16, 2013.

Credit: AP/Mark Lennihan

U.S. stocks shook off an early stumble and closed moderately higher Wednesday, but bond yields held near historic lows as investors remained cautious.

WALL STREET. At the close of trading, the Dow Jones industrial average had 78 points, about 0.4 percent, to 17,918.6. The Standard & Poor’s 500 index gained 11.2 points, about 0.5 percent, to 2,099.7. The Nasdaq composite rose 36.3 points, about 0.8 percent, to 4,859.2.

The yield on the 10-year Treasury note slipped to 1.37 percent, slightly above an all-time low of 1.32 percent it reached earlier in the day.

European markets were broadly lower and the pound fell further against the dollar.

OIL PRICES. As markets closed, the price of U.S. benchmark crude was up 80 cents at $47.40 a barrel on the New York Mercantile Exchange. In London, Brent crude the international benchmark, was up 82 cents at $48.78 a barrel.

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