MARKET SNAPSHOT: U.S. Stocks Gain; New-home Sales Data On Deck

By Carla Mozee and Victor Reklaitis, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks rose Wednesday, as the S&P 500 recovered somewhat from a three-session losing streak that's been blamed in part on worries about global growth and Mideast fighting.

Investors are on the lookout for a report on August new-home sales that's expected to show a modest bump in new-home sales.

The S&P 500(SPX) rose 1 point, or 0.1%, to 1,984 after dropping for three days in a row from last Thursday's record close.

The Dow Jones Industrial Average(DJI) gained 17 points, or 0.1%, to 17,073 after pulling back over the past two days from its record close Friday. Meanwhile, the Nasdaq Composite(RIXF) tacked on 10 points, or 0.2%, to 4,518.

(Read more in Need To Know: Investors, media fixated on imploding small-cap stocks http://www.marketwatch.com/story/gold-10000-and-why-golden-is-worse-than-death-when-it-comes-to-crosses-2014-09-24.)

Today's key economic data: The Commerce Department will release its report on August new-home sales at 10 a.m. Eastern. Analysts are looking for a modest gain to a seasonally adjusted annual rate of 426,000. The pace of sales in July fell to a four-month low at 412,000.

Crédit Agricole expects August new home sales to have risen to a rate of 424,000, a sign that home builder confidence is strengthening. The NAHB Housing Market Index in August held to a "healthy reading above 50," and in particular, "sentiment improved in the Northeast and Midwest regions where sales have fallen over the past two months," said Crédit Agricole economist Philippe Vilasboas in a note.

Investors are also on the lookout for hints on Wednesday afternoon about the Federal Reserve's timetable for raising interest rates.

Cleveland Fed President Loretta Mester will discuss her views on the economy while speaking to the Cleveland Association for Business Economics. The speech is set to begin at 12:15 p.m. Eastern. Mester is a voting member of the Fed's policy committee this year.

At 1 p.m. Eastern, Chicago Fed President Charles Evans will talk about the economy and monetary policy at the Peterson Institute for International Economics. Evans will be a voting member on the rate-setting panel in 2015.

Movers and shakers: Bed, Bath & Beyond (BBBY) shares climbed nearly 6% to lead the S&P 500 after the home-furnishings retailer late Tuesday posted better-than-expected quarterly earnings.

Accenture (ACN) shares fell 2% for one of the S&P 500's worst performances after the consulting firm issued a cautious outlook for its next fiscal year.

(Read more in the Movers & Shakers column http://www.marketwatch.com/story/bed-bath-beyond-kb-home-jabil-likely-in-focus-2014-09-24.)

Other markets: Japan's Nikkei Average shed 0.2%. Meanwhile, the dollar fell against the yen (USDJPY) after Japan's prime minister said he's cautious about the yen's recent weakness.

European stocks mostly gained after initially wavering following a sluggish reading on German business confidence. Gold futures (GCZ4) dipped, and oil futures(CLX4) edged up ahead of weekly supply data from the U.S. Energy Information Administration.

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