Stocks climb to record levels after economy grows more than forecast; Treasury yields climb

NEW YORK, N.Y. – Steady growth in the U.S. economy and higher company earnings are helping to push the stock market back to record levels.

The U.S. economy grew at an annual rate of 1.7 per cent from April through June, more than economists were expecting.

The Dow Jones industrial average was up 55 points, or 0.4 per cent, to 15,576 at noon Eastern Daylight Time Wednesday.

The Standard & Poor’s 500 index was up seven points, also 0.4 per cent, to 1,693. The Nasdaq composite rose 18 points, or 0.5 per cent, to 3,635.

The yield on the 10-year Treasury note rose to 2.68 per cent from 2.61 per cent.

Cable operator Comcast, owner of NBCUniversal, rose 5 per cent to $45.03 after reporting higher earnings.

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