MARKET SNAPSHOT: U.S. Stocks Edge Higher; Nasdaq Lags Behind

By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- The U.S. stock market moved higher on Wednesday, recovering some of the losses from the previous session, as news that Russia is ready to begin talks over the crisis in Ukraine wiped out a bout of risk aversion.

However, selling of high-growth Internet stocks continued apace, weighing on the Nasdaq Composite.

The S&P 500 (SPX) added 5 points, or 0.3%, to 1,872.90, with 8 or 10 main sectors trading higher. The Dow Jones Industrial Average (DJI) gained 56 points, or 0.3%, to 16,457.44.

The Nasdaq Composite (RIXF) reversed opening gains and was 10 points, or 0.3%, lower at 4,069.19.

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Investors will focus on congressional testimony from Federal Reserve Chairwoman Janet Yellen about monetary policy and the economy, due to begin at 10 a.m. Eastern.

A report ahead of opening bell showed that slower economic growth caused in part by brutal winter weather led to a sharp decline in U.S. productivity in the first quarter.

The productivity of American businesses fell at a 1.7% annual rate from January through March, the Labor Department said Wednesday. It was more than expected by economists polled by MarketWatch.

Yahoo shares lower, Electronic Arts rallies

Shares of Yahoo Inc. (YHOO) fell 4.6% after Chinese Internet heavyweight Alibaba Group Holding Ltd. filed plans to list shares in the U.S.

Yahoo has a 24% stake in Alibaba, and its initial public offering is poised to be one of the biggest listings on record. Read: Yahoo's Alibaba moment has finally arrived.

Electronic Arts Inc. shares (EA) rallied 17%. Late Tuesday, the videogame maker reported fourth-quarter results that outstripped Wall Street's projections.

Shares in Whole Foods Market Inc. (WFM) dived 20%, still suffering after the upscale grocer late Tuesday cut its full-year profit and sales forecasts.

AOL Inc. (AOL) shares plummeted 15% after the Internet company's first-quarter profit dropped more than 60%, hurt by restructuring and asset impairment charges, even as revenue topped expectations.

After the closing bell, Tesla Motors Inc. (TSLA) will release quarterly results. Tesla is expected to report first-quarter earnings of 8 cents a share, according to a consensus survey by FactSet. Tesla earnings: Balancing goals and costs

Also due after hours are results from coffee company Keurig Green Mountain Inc. (GMCR), which is projected to post fiscal second-quarter earnings of 95 cents a share.

Gold prices fall, Oil rises

The U.S. dollar (DXY) was little changed against major rivals, taking a slight breather after losses on Tuesday against the pound. The pound (GBPUSD) traded near highs last seen in 2009, on the doorstep of the $1.70 level.

Among commodities, June gold (GCM4) prices reversed gains and fell $5, or 0.4%, to $1.303.50 an ounce. Crude for June delivery (CLM4) rose 53 cents, or 0.5%, to $100.02 as tensions remained high between Ukraine and Russia. The Ukrainian government said Wednesday its forces have recaptured the city hall in the south-eastern port of Mariupol from pro-Russian separatists, according to a BBC report.

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