(CNBC) — U.S. 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.
"GDP is obviously important, but by the time you get the final number, it's ancient history and the market has moved on," said Doug Foreman, chief investment officer at Kayne Anderson Rudnick, of data showing the economy contracted 2.9 percent in the first quarter.
Bristol-Myers Squibb jumped after halting a late-stage trial of an experimental skin cancer drug after patients showed "superior overall survival." General Mills fell after the cereal maker reported a quarterly profit beneath Wall Street's expectations; Monsanto rose after the world's biggest seed producer raised its outlook for the year, and shares of CBS jumped after the Supreme Court ruled in favor of the network and three others, including NBC, CNBC's parent, saying TV startup Aereo had violated copyright law.
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