U.S. stock market recovers much of what it had lost

The U.S. stock market inched modestly higher Wednesday, recovering more than half of what it lost the day before, as investors were able to set aside two disappointing economic reports.

CBS and other broadcasters rose after the Supreme Court ruled in favor of them over a startup Internet company in a copyright case. Monsanto rose after it announced a big stock buyback and reported earnings that beat estimates.

The Dow Jones Industrial average rose 49 points, or 0.3 percent, to close at 16,867. The Standard & Poor’s 500 index rose nine points, or 0.5 percent, to 1,959. The Nasdaq composite rose 29 points, or 0.7 percent, to 4,379.

Durable goods orders rise, excluding military goods

Orders for U.S. durable goods tumbled 1 percent in May as demand for military equipment fell sharply. But excluding defense-related goods, orders actually rose, and orders in a key category that signals business investment also increased.

The gains outside of military goods suggest business spending is picking up, which could give the economy a much-needed boost.

The Commerce Department said Wednesday that orders, excluding defense, rose 0.6 percent in May, after falling 0.8 percent in April. Orders for core capital goods, which reflect business investment, increased 0.7 percent, after a 1.1 percent drop.

Demand for military goods is highly volatile and had surged in April, so the sharp drop in May wasn’t a surprise.

General Mills will change sweetener in Yoplait Light

The maker of Yoplait Light is hoping a sweetener change will bring back customers.

General Mills Inc. said Wednesday it plans to remove aspartame in favor of another artificial sweetener, sucralose. Aspartame is better known by the brand names NutraSweet and Equal, while sucralose is used in Splenda.

General Mills is trying to fix its Yoplait business, which has been upended by the popularity of Greek yogurt.

– From news service reports