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Wednesday's Top Stock Stories

Stocks opened sharply higher and remained there throughout the day. In the process, the Dow hit a new all-time high.

The averages moved in a fairly narrow range for most of the day but stretched its upper end of the range late in the day. The catalyst was testimony by Fed Chair Janet Yellen who advocated the trimming of the Fed's balance sheet sooner rather than later, and the release of the Fed's Beige Book report which said growth continued across all regions. Oil prices also moved higher following a report Saudi Arabia would limit oil exports because of its own increase in demand.

ECONOMIC EVENTS: In the U.S., EIA inventory data showed a 7.6M barrel fall in crude stocks, versus the consensus forecast for a 3.0M barrel decrease. In Fed news, the Federal Reserve's latest Beige Book read that economic activity expanded across all twelve Fed districts in June, with the pace of growth ranging from slight to moderate.

COMPANY NEWS: Amazon (AMZN) shares...