US stocks advanced on Wednesday as stronger-than-expected earnings from companies including Deere & Co and economic data underpinned hopes for the recovery. Shares of Deere rose 5 percent to $56.45 after the farm equipment maker reported quarterly earnings that topped expectations and raised its fiscal 2010 outlook for machinery sales growth.
The results follow the upbeat trend in fourth-quarter US corporate results, with more than 70 percent of the Standard & Poor's 500 companies beating analyst earnings estimates so far, according to Thomson Reuters data. Also helping sentiment, Federal Reserve data showed US industrial output rose more than expected in January, with gains recorded across all major categories.
The Dow Jones industrial average was up 30.15 points, or 0.29 percent, at 10,298.96. The Standard & Poor's 500 Index was up 2.88 points, or 0.26 percent, at 1,097.75. The Nasdaq Composite Index was up 4.72 points, or 0.21 percent, at 2,218.91.
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