US indexes move higher as traders shrug off global concerns; Amazon gains, Macy's drops

Market Update Associated Press

Stocks are moving higher in midday trading, bringing the Dow Jones industrial average back into the black for the year.

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Amazon led the way up in light trading, despite a mixed batch of economic news and a contraction in Japan's economy.

Amazon rose 3 percent after the online retailing giant introduced a credit-card processing device designed to help small businesses.

Macy's fell 5 percent after its own results fell short of forecasts.

The Standard & Poor's 500 index rose 12 points, or 0.7 percent, to 1,946 at midday.

The Dow Jones industrial average rose 93 points, or 0.6 percent, to 16,653. The Nasdaq rose 40 points, or 0.9 percent, to 4,429.

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Bond prices rose. The yield on the 10-year Treasury note fell to 2.42 percent.