Standard & Poor's, Good News | featured news

Stocks rallied Wednesday, with the S&P 500 touching its highest level since early May, as corporate profits from bellwethers like Intel and Honeywell defied the market's worst fears.

Stocks ticked up after Monday's global selloff, as a measure of home prices fell less than expected. The S&P 500 rose five points, or 0.4%, to 1319 in mid-afternoon trade. The index's consumer discretionary sector advanced 1.3%, on track for its steepest daily climb since June 14.

Stocks advanced on Tuesday, putting the S&P 500 on track for its fourth straight gain on increased hopes for central bank stimulus measures ahead of the Federal Reserve's policy meeting.

U.S. stocks rose, sending the Standard & Poor’s 500 Index to its highest level since June 2008, as companies from United Parcel Service Inc. to Ford Motor Co. and 3M Co. beat analysts’ profit estimates.

The Standard & Poor's/Case-Shiller index shows a modest 1% gain over May figures, with prices in Los Angeles, San Diego and San Francisco increasing.

U.S. single-family home prices rose in May from April, the first monthly increase in nearly three years, suggesting prices may be stabilizing, according to Standard & Poor's/Case Shiller home price indexes on Tuesday.