Slight Step Up

Indices closed in the green zone on Wednesday. General Electric, Verizon Communications and Travelers stood out among Dow advancers. Stocks gained after Germany’s top court gave the nod to the euro zone’s new rescue fund. In U.S. economic news, the Commerce Department reported that wholesale inventories edged up 0.7% in July, which was the most in five months. Economists had expected a 0.3% increase, following a 0.2% decrease in June. On another note, data from the Bureau of Labor Statistics showed import prices slipped 2.2% in August from the same time last year. Discounting the fuel component, prices fell by 0.5%. Meanwhile, export prices declined by 0.9%, and were down 1.9% excluding the agriculture component. Elsewhere, Apple stepped up following the announcement of the iPhone 5 at a media event in San Francisco. The new version will begin shipping late next week.

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