Better news on the US economy drives stocks higher

March 21, 2014 • Business

FILE – In this Friday, March 14, 2014, file photo, trader Steven Kaplan works on the floor of the New York Stock Exchange. Global stocks fell Thursday March 20, 2014 after comments from the new head of the Federal Reserve suggested U.S. interest rates could rise sooner than financial markets were anticipating. (AP Photo/Richard Drew. File)

NEW YORK (AP) — The stock market got a bounce on the first day of spring.

Signs that the U.S. economy is emerging from a winter chill drove major stock indexes higher Thursday. Investors were encouraged by an increase in manufacturing and a rise in a key index of economic indicators.

The market had slumped the day before, when Federal Reserve Chair Janet Yellen suggested that the central bank could start raising interest rates sooner than many investors had expected.

“The economy is likely to have a good bounce in the springtime,” said Peter Cardillo, chief market economist at Rockwell Global Capital. “The market is reacting to the good economic news.”

The Standard & Poor’s 500 index rose 11.24 points, or 0.6 percent, to 1,872.01. The Dow Jones industrial average gained 108.88 points, or 0.7 percent, to 16,331.05. The Nasdaq composite climbed 11.68 points, or 0.3 percent, to Login to read more

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