Stock indices were higher in midday trading on positive employment numbers and a report that a lending rate increase by the U.S. Federal Reserve would not occur before September.
The S&P 500 was up 1% to 2,118.96. The Dow Jones Industrial Average was up 1% to 18,242.59. The Nasdaq was up 1.3% to 5,044.19
The yield on a 10-year Treasury bond was down 2.1% to 2.23%.
The price of gold was up 0.6% to $1,225.
Irvine-based Western Digital Corp. was up 2% to $97.95 and a $22.6 billion market cap. Analysts at Benchmark initiated coverage on the memory products maker with a “buy” rating and a price target of $117.
Aliso Viejo-based Sunstone Hotel Investors Inc. was up 2% to $15.55 and a $3.3 billion market cap. Morgan Stanley upgraded the hotel REIT to “overweight” with a price target of $18.
Costa Mesa-based El Pollo Loco Holdings Inc. was up 2.8% to $29 and a $1.1 billion market cap. The fast food chicken chain reports earnings today after markets close.
Mission Viejo-based CareTrust REIT Inc. was up 6.3% to $13.77 and a $435 million market cap in a second day of increases after Tuesday’s positive quarterly report and inline guidance for 2015 by the nursing facility operator.