NEW YORK (AP) — The U.S. stock market inched modestly higher Wednesday, recovering more than half of what it lost the day before, as investors were able to set aside two disappointing economic reports.
CBS and other broadcasters rose after the Supreme Court ruled in favor of them over a startup Internet company in a closely watched copyright case. Monsanto rose after the agricultural company announced a big stock buyback and reported earnings that beat analysts' estimates.
"The trend for this market is still, for the time being, up," said Anastasia Amoroso, a global market strategist with J.P. Morgan Funds.
The Standard & Poor's 500 index rose 9.55 points, or 0.5 percent, to 1,959.53. The index fell roughly 13 points the day before. The Nasdaq composite rose 29.40 points, or 0.7 percent, to 4,379.76 and the Dow Jones industrial average rose 49.38 points, or 0.3 percent, to 16,867.51.
Consumer discretionary stocks were among the biggest advancers, a sector that includes broadcasters and other media companies. The U.S. Supreme Court ruled Aereo would have to pay broadcast companies when it takes television programs from the airwaves and allows subscribers to watch them on smartphones and other portable devices.
It was a major win for the broadcast industry, which had argued that Aereo should have to pay for programming the same way cable and satellite providers have to.
CBS rose $3.64, or 6 percent, to $62.48 and Walt Disney, which owns ABC, rose $1.22, or 1.5 percent, to $83.90. TV station owners also rose. Sinclair Broadcasting jumped $4.56, or 16 percent, to $33.80.
Investors weren't fazed by two negative economic reports released Wednesday.
In a revised estimate, the Commerce Department said the U.S. economy shrank at annual rate of 2.9 percent in the first three months of the year. Two-thirds of the downward revision reflected a decline in health care spending. The Commerce Department also said orders for long-lasting goods sank 1 percent in May as demand for military equipment fell sharply.