U.S. stocks edge higher; Best Buy gains

5/22/2014

NEW YORK — Stocks are edging higher in midday trading following an encouraging report on Chinese manufacturing and improving earnings from several U.S. retailers.

Best Buy, Dollar Tree, and L Brands rose after reporting better results. Homebuilders rose following a modest increase in sales of previously occupied homes.

A survey from HSBC suggested the slowdown in China’s economy is flattening. May’s reading on China’s manufacturing sector was the best in five months.

The Standard & Poor’s 500 index rose six points, or 0.4 percent, to 1,894 as of noon today.

The Dow Jones industrial average increased 21 points, or 0.1 percent, to 16,554. The Nasdaq composite gained 27 points, or 0.7 percent, to 4,158.

Bond prices fell slightly. The yield on the 10-year Treasury note edged up to 2.55 percent.