Stocks reversed Tuesday's losses and closed with impressive gains after the Federal Reserve's Federal Open Market Committee indicated that while economic growth remains solid, the lack of any inflationary pressure will allow the panel to keep interest rates at current low levels. Retail stocks also recovered thanks to upbeat earnings from Tiffany & Co. (NYSE:TIF) and Lowe's (NYSE:LOW), which helped overshadow disappointing results from beleaguered retailer Target (NYSE:TGT).
Equities were already climbing before the minutes, building on pre-market gains as a result of strength in Europe from strong UK retail sales, and several earnings beat from top-tier retailers. After taking a beating on Tuesday from hawkish Fed comments, Wall Street was betting on market-friendly comments from Fed officials Wednesday, as well as headlines from the April FOMC minutes to restore confidence in the U.S. economy
Here's Where The Markets Stood At The Close
US MARKETS
- Dow 30 Index was up 158 points (+1%) at 16,533
- S&P 500 was up 15 points (+0.8%) at 1,888
- NASDAQ Composite Index was up 34 points (+0.9%) at 4,131
GLOBAL SENTIMENT
- FTSE 100 was up 0.28%
- Nikkei 225 was down 0.24%
- Hang Seng Index was up 0.01%
- Shanghai Composite Index was up 0.84%
UPSIDE MOVERS
- (+) TSL Q1 revenue up sharply over year ago quarter, swings to profit
- (+) NEWL Continues to gain on delivery of eco-type, dry-bulk, Handysize vessel
- (+) IGC Indian stocks advance after pro-business Narendra Modi voted the country's new Prime Minister.
- (+) TGEN Completes private-placement of 647,706 shares
DOWNSIDE MOVERS
- (-) MEIL Offers 2.5 mln shares at 30% discount to Tuesday's close
- (-) XLRN Sotatercept interim data presentation scheduled for mid-June
- (-) PVCT Downplays skin-cancer drug PV-10 to "investigation drug for cancer" from "breakthrough cancer drug"
After Hours Stock News From Midnight Trader.
Copyright © 2014 MT Newswires, a Division of MidnightTrader, Inc.