NEW YORK — U.S. stocks moved higher Wednesday, stabilizing after three days of losses. Investors continue to focus on Europe's economic malaise and tensions in the Middle East after the U.S. and Arab nations attacked the Islamic State group's headquarters in Syria. Makers of consumer staples and health-care companies were among the biggest advancers.
KEEPING SCORE: The Dow Jones industrial average rose 84 points, or 0.5 percent, to 17,140 as of 12:21 p.m. Eastern. The Standard & Poor's 500 index rose nine points, or 0.5 percent, to 1,991 and the Nasdaq composite rose 30 points, or 0.7 percent, to 4,539.
The gains come after the S&P 500 fell for three days in a row. The Dow had two straight days of triple-digit declines, which hasn't happened since June.
HOME IMPROVEMENT: Bed Bath & Beyond rose $3.85, or 6.1 percent, to $66.50 after the home furnishings company after reporting quarterly results well above analysts' expectations. It was the biggest gain of any stock in the S&P 500 index.
WAL-BANK: Retail giant Wal-Mart rose $1.60, or 2 percent, to $77.19 after the company announced it would start offering checking accounts to its customers in collaboration with a small banking company known as Green Dot. The news sent Green Dot shares soaring $2.69, or 14 percent, to $21.42.
HEALTH-CARE REBOUND: Among the names doing well Wednesday were health-care stocks, particularly the ones that got hit hard earlier in the week when the Treasury Department announced rules that would stop companies from doing so-called corporate inversion deals. Such deals happen when a company merges with an overseas competitor to legally move its headquarters out of the U.S. to avoid paying U.S. corporate taxes. AbbVie, which fell nearly 2 percent on Tuesday, was up 2.3 percent Wednesday.
Other health-care names helping the overall market were the biotechnology stocks Biogen, Celgene and Vertex Pharmaceuticals, all up 2.5 percent or more.
EUROPE STAGNATES: The Ifo business confidence index in Germany, Europe's largest economy, dropped for a fifth month in September. The decline was larger than investors had expected and confirmed that Europe's economy remains weak. The day before, a closely watched business gauge for the region fell to a nine-month low. The eurozone's economy has been flat or barely growing since April, hobbled by the lingering effects of a debt crisis, uncertainty over a conflict in Ukraine and a lack of confidence among consumers, businesses and banks.
"It's clear now that the Russian sanctions are causing a slowdown in the European economy, particularly manufacturing," said Anastasia Amoroso, a global markets strategist at JPMorgan Funds. "But we see this as a temporary soft patch."
SYRIA: Along with bad economic news, investors had geopolitical concerns to worry about. The U.S. and five Arab nations attacked the Islamic State group's headquarters in eastern Syria in nighttime raids Tuesday. U.S. aircraft as well as Tomahawk cruise missiles launched from Navy ships in the Red Sea and the northern Persian Gulf were used. "Geopolitical risk, which has been simmering in the background, is back to the fore" said CMC analyst Desmond Chua.
BANK IPO: Citizens Financial Group, which debuted on the New York Stock Exchange on Wednesday, rose $1.03, or 5 percent, to $22.52 on its first day of trading. Citizens' shares priced below the $23-to-$25 range that the company expected.
CURRENCIES, ENERGY AND BONDS: Benchmark U.S. crude oil rose nine cents to $91.67 a barrel on the New York Mercantile Exchange. The euro slid to $1.279 and the dollar rose to 108.90 Japanese yen. U.S. government bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.53 percent.
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