The Standard & Poor's MidCap 400 index rose in midday trading Wednesday as the broader markets rallied on data showing inflation rose than less than expected in April, quelling concern about broader economic damage.
The S&P MidCap 400 is an index used to track mid-sized companies which have a market capitalization of $1.5 billion to $5.5 billion. According to S&P, midcap stocks make up roughly 7 percent of the U.S. equities market.
The index gained 7.45 to 876.53.
Shares of auction house Sotheby's rose $2.12, or 8.8 percent, to $26.18. A Banc of America Securities analyst said rival Christie's auction on Tuesday evening _ which brought in $331.4 million _ may bode well for Sotheby's own contemporary art sale tonight.
Shares of Western Digital Corp. jumped $3.09, or 9.9 percent, to $34.41.
Shares of Timberland Co. gained $1.36, or 7.9 percent, to $18.51.
Among the biggest losers on the index were shares of IndyMac Bancorp Inc., which fell 27 cents, or 11.6 percent, to $2.05. The stock has steadily dropped since Monday, when the mortgage lender said it would not be profitable for the rest of the year.
S&P said Tuesday that it will remove IndyMac from the index after the close of trading on Thursday, after the company failed to meet its market capitalization requirements.
Shares of Media General Inc. slipped 95 cents, or 5.7 percent, to $15.78.
Shares of Kemet Corp. shed 15 cents, or 3.7 percent, to $3.95.
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