U.S. stocks finished higher on Wednesday, as all three major indexes rose to multi-year highs. In international economic news, European stocks rose after Portugal's successful auction of government debt. The auction came as investors feared that Portugal might be the next European country to require a federal aid package to ease its massive debt crisis. In U.S. economic news, Treasury Secretary Timothy Geithner said China's policies are a growing source of concern in the United States and other countries. Geithner also said that China's undervalued currency and dependence on exports must be addressed. His remarks came ahead of next week's U.S. visit by Chinese President Hu Jintao. Meanwhile, the U.S. Federal Reserve (Fed) released its report on economic activity for January, known as the Beige Book. The report showed that the economy continued to grow moderately across the nation. Despite the lagging housing market, the Fed reported optimistic projections in manufacturing, retail, and non-financial services sectors. The December Treasury budget was also released on Wednesday. The Treasury Department said that the budget deficit dropped to $80 billion in December from $91.4 billion in the previous month. In U.S. company news, insurance corporation AIG announced that it has agreed to sell its Taiwan unit, Nan Shan Life Insurance Company, for $2.16 billion in cash. Shares of AIG dropped 1.1 percent. The U.S. dollar fell against the euro but gained against the yen. Light sweet crude oil for February delivery rose 75 cents to $91.86 a barrel on the New York Mercantile Exchange. Gold futures rose $1.50 to $1,385.80 an ounce. The Dow Jones industrial average rose 83.56, or 0.7 percent, to 11,755.44. J.P. Morgan Chase was the Dow's biggest gainer, jumping more than 2 percent followed by Bank of America, American Express, and Boeing. The broader Standard & Poor's 500 index rose 11.48, or 0.9 percent, to 1,285.96. The technology-heavy Nasdaq composite index rose 20.50, or 0.75 percent, to 2,737.33.
