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Markets post gains Wednesday

Sept. 4, 2013 at 6:27 PM

NEW YORK, Sept. 4 (UPI) -- U.S. stocks posted solid gains Wednesday after the Federal Reserve said the economic recovery was making modest progress.

The so-called Beige Book, released eight times each year, described the economy as continuing to expand "at a modest to moderate pace during the reporting period of early July through late August."

Turning in a second consecutive day of gains, the Dow Jones industrial average added 0.65 percent or 96.91 points to close at 14,930.87. The Nasdaq gained 34.43 points or 1.01 percent to 3,649.04. The Standard & Poor's 500 added 13.31 points or 0.81 percent to 1,653.08.

On the New York Stock Exchange 2,187 issues advanced while 876 declined on total volume of 3.3 billion shares traded.

In Asia Japan's Nikkei 225 index added 75.43 points or 0.54 percent to close at 14,053.87.

In Europe, the British FTSE 100 index added 6.33 points or 0.1 percent to close at 6,474.74.

On currency markets the euro rose to $1.3207 and the dollar fell to 99.72 yen.

In late trading on the Comex division of the New York Mercantile Exchange, gold gained $2.50 to $1,392.50 per troy ounce and silver gained 7.5 cents to $23.49.

The 10-year U.S. treasury note fell 13/32 to yield 2.901 percent.

In after hours trading, crude oil was up 13 cents to $107.36 per barrel on the NYMEX.

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