US stocks gain despite weak Adobe, Yum Brands

Wall Street stocks pushed higher Wednesday despite some disappointing earnings news from Yum Brands, Adobe Systems and others.

At the closing bell, the Dow Jones industrial Average was at 16,910.95, up 120.76 points (0.72 percent).

The broad-based S&P 500 rose 15.83 (0.80 percent) to 1,995.75, while the tech-rich Nasdaq Composite Index gained 42.78 (0.90 percent) at 4,791.14.

Yum Brands, which owns the KFC and Taco Bell fast-food chains, plummeted 18.8 percent as it lowered its earnings forecast due to sluggish sales in China.

Software company Adobe fell 5.3 percent as it projected 2016 earnings of $2.70 per share, well below the $3.19 expected by analysts.

Analysts said US stocks were primed for gains after a terrible third quarter.

"Markets continue to see their bounce," said Charlie Bilello, director of research at Pension Partners. "We had an oversold market at the end of September."