Stocks rallied on Wednesday. Caterpillar and JPMorgan Chase led the Dow’s ascent. Action on the S&P 500 and Nasdaq was also impressive. Brands moved up amid a spate of economic news. The Federal Reserve’s Beige Book report noted that growth in most major regions increased at a slow to moderate pace over the last two months. Meanwhile, business activity in the Midwest grew faster than expected this month. The Chicago Institute for Supply Management’s purchasing managers’ index climbed to 62.6 in November, rebounding to a 7-month high. Marking the 26th month of expansion, economists expected the index to remain unchanged from October’s reading of 58.4. On another note, the National Association of Realtors said pending home sales jumped 10.4 percent in October, the most in nearly a year. Meanwhile in jobs activity, the ADP National Employment report said employers added 206,000 jobs this month. The Labor Department will release official November employment details on Friday. Looking ahead, retailers Barnes & Noble and Lululemon Athletica are set to report quarterly earnings tomorrow.
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