Yahoo Finance US stocks up for third straight day
US stocks pushed higher early Wednesday in the last full day of trade prior to the Christmas holiday following strong Nike earnings and data showing higher consumer spending in November.
About 35 minutes into trade, the Dow Jones Industrial Average was at 17,534.59, up 117.32 points (0.67 percent).
The broad-based S&P 500 rose 14.82 (0.73 percent) to 2,053.79, while the tech-rich Nasdaq Composite Index advanced 32.46 (0.65 percent) to 5,033.57.
Commerce Department data showed US consumer spending rose 0.3 percent in November after increasing at less than 0.1 percent in October.
The market's early returns primed it for a third straight day of gains, stoking talk of a "Santa Claus rally." Markets are closed Friday and finish at midday on Thursday.
Nike fell 0.5 percent despite reporting that earnings for its fiscal second quarter increased 20 percent to $785 million behind a four percent increase in sales. Nike shares are up about 35 percent for all of 2015.
Biotech company Celgene rose 7.0 percent after announcing a settlement of litigation with Natco Pharma of India and its US partners that sets a timeline for the generic introduction of lenalidomide, which treats multiple myeloma.
Investment bank Jefferies said the settlement removes a key uncertainty that has dragged on Celgene shares.
Micron Technology fell 4.6 percent after the chip company projected a loss in the upcoming quarter, citing heavy competition and pricing pressure.
Bed Bath & Beyond sank 6.2 percent as it projected lower profits and sales for the third quarter than previously thought. It said its performance was affected by "the overall softness reported in the macro-retail environment during the quarter."
Petroleum-linked stocks pushed higher on increased oil prices. Dow members Chevron and ExxonMobil rose 1.7 percent and 1.4 percent, while oil-services company Halliburton advanced 2.5 percent.
