Stocks climb as investors cheer economic report

U.S. stocks climbed Wednesday as investors cheered a report of stronger economic growth. Technology companies, retailers and travel providers made solid gains.

The Commerce Department raised its estimate for economic growth and said the U.S. gross domestic product grew at its fastest pace in two years between April and June. Stocks were wobbly at the outset, but investors’ concerns about tensions between the U.S. and North Korea appeared to ease as the day wore on. Along with technology companies and consumer-focused firms, health care companies and banks finished higher. Big names like Microsoft, Amazon and Facebook made some of the biggest gains.

“For all the tough times we’ve had the last couple of weeks, the thing that’s kept the market afloat is the strong economic data,” said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management.

The Standard & Poor’s 500 index climbed 11.29 points, or 0.5 percent, to 2,457.59. The Dow Jones industrial average picked up 27.06 points, or 0.1 percent, to 21,892.43. The Nasdaq composite gained 66.42 points, or 1.1 percent, to 6,368.31. The Russell 2000 index of smallercompany stocks added 7.64 points, or 0.6 percent, to 1,391.32.

Gasoline prices spiked to two-year highs.

Wholesale gasoline rose another 10 cents, or 5.7 percent, to $1.88 a gallon. Benchmark U.S. crude lost 48 cents, or 1 percent, to $45.96 a barrel in New York while Brent crude, the international standard, fell $1.14, or 2.2 percent, to $50.86 a barrel in London.