Stocks rose on Wednesday, with the Dow and S&P 500 bouncing back after a two-day decline, as Wall Street wagered the economy is rebounding from its worst quarterly performance in five years. The Dow Jones Industrial Average closed unofficially 49 points higher, the S&P 500 rose 9 points and the Nasdaq added 29 points. The Commerce Department said the economy shrank 2.9 percent in the first quarter, the worst performance in five years, and durable goods orders were off 1.0 percent last month. The market is "looking more at what the second quarter will hold. If you average the first quarter hit by weather and the second quarter rebound, that will be a truer indication of the run rate of economic activity," said Scott Clemons, chief investment strategist for private banking at Brown Brothers Harriman.
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- Kate Gibson, CNBC.com.