Financial companies, utilities lead stocks higher in midday trading on Wall Street

5/30/2013

NEW YORK — Banks and utility companies led stocks higher in midday trading on Wall Street as the market bounced back from a decline the day before.

Two lackluster reports on the U.S. economy eased investor concerns that the Federal Reserve might ease its economic stimulus program.

Utility stocks were higher after a company owned by Warren Buffett’s Berkshire Hathaway acquired a Nevada-based power company for $5.6 billion.

The Dow Jones industrial average was up 73 points at 15,376 shortly before noon today, an increase of 0.5 percent.

The Standard & Poor’s 500 was up 10 points at 1,658, or 0.6 percent. The Nasdaq composite rose 27 points to 3,494, or 0.8 percent.

Clearwire, a wireless network operator, surged 24 percent after Dish Network raised its bid for the company.