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Better news on wholesalers sends stocks higher

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Posted: Jun 8, 2012 11:13 AM
Source: Associated Press

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Topics: economy, money, stock, wall street

Stocks are higher at midday after the government said businesses are restocking their shelves at a faster pace than analysts had expected.

The Dow Jones industrial average is up 19 points at 12,480. The Standard & Poor's 500 index is up almost two points to 1,317, and the Nasdaq composite is up 10 points to 2,841.

The Dow had fallen almost 63 points in the morning. It turned around after the Commerce Department said wholesale inventories grew faster than expected in April. That helped the stocks of companies that depend on a strong economy. Intel, General Electric, and Wal-Mart Stores all rose.

Stocks fell in Asia and Europe ahead of Chinese economic data this weekend that is expected to show weak growth.

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