Stocks rose modestly Wednesday after investors hung on every word of new Federal Reserve Chairman Ben Bernanke's testimony before Congress.
The Dow Jones Industrial Average rose 30.58, or 0.3 percent, to 11,058.97 after rising 136 points Tuesday. The Standard & Poor's 500 Index edged up 4.47, or 0.4 percent, to 1,280.00. The Nasdaq Composite Index climbed 14.26, or 0.6 percent, to 2,276.43.
Local movers were led by Digital Insight Corp., which gained 7.4 percent to $33.32, and Smart & Final Inc., which rose 5.1 percent to $13.94. On the down side, Santa Fe Financial Corp. fell 8.3 percent to $18.35, Occidental Petroleum Corp. lost 1.4 percent to $80.94 and DreamWorks Animation SKG Inc. slipped 3.2 percent to $27.74.
Shares of DaVita Inc. jumped 7 percent to $59.21 after the El Segundo-based dialysis services provider's fourth-quarter earnings of 61 cents per share trumped the average analyst's estimate of 55 cents per share. The company also raised its outlook for its full-year operating income, to $630 million to $700 million from $600 million to $670 million.
Jakks Pacific Inc. soared 10.1 percent to $24.91 after the Malibu-based toymaker's stock rating was raised to "buy" from "hold" by Wedbush Morgan Securities. The 12-month price target was set at $30 per share. On Tuesday, Jakks' shares fell after it forecast disappointing earnings for the current period.
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