Stock market edges higher after encouraging economic reports offset interest rate concerns

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NEW YORK, N.Y. – The stock market is moving higher as encouraging news on the U.S. economy outweighs concerns that interest rates may start to rise next year.

Guess slumped after the apparel maker reported lower quarterly income and predicted a loss for the current quarter.

The Standard & Poor’s 500 index rose six points, or 0.4 per cent, to 1,866 as of noon Eastern time.

The Dow Jones industrial average gained 63 points, or 0.4 per cent, to 16,286. The Nasdaq composite climbed seven points, or 0.2 per cent, to 4,315.

An index of economic indicators rose in February by the largest amount in three months, suggesting growth will accelerate following a severe winter.

The Federal Reserve Bank of Philadelphia said separately that manufacturing rebounded in that region in March.

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