Closing Update: Stocks End Higher as Fed Minutes Indicate Central Bank to Maintain Course on Tapering Bond-Buying

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Stocks closed with respectable gains on Wednesday, fueled by upbeat earnings from Alcoa ( AA ) and Federal Open Market Committee minutes that steered clear of mentioning any imminent rate hikes. The FOMC said it will end quantitative easing in October and that economic growth can be sustained without any intervention from monetary policy.

Here's where the U.S. markets stood at the end-of-day:

Dow Jones Industrial Average up 78.99 (+0.47%) to 16,985.61


S&P 500 up 9.12 (+0.46%) to 1,972.83

Nasdaq Composite Index up 27.57 (+0.63%) to 4,419.03

GLOBAL SENTIMENT

Hang Seng Index down 1.55%

Shanghai China Composite Index down 1.23%

FTSE 100 Index down 0.30%

UPSIDE MOVERS

(+) BMA, Climbs to three-year high ahead of mediation talks are scheduled to resume Friday to resolve a dispute between the Argentine government and a handful of hedge funds seeking full payment on defaulted bonds.

(+) RAI, Climbs to all-time high following reports British American Tobacco ( BTI ) was near a deal to acquire the remaining 58% stake in the tobacco firm it already doesn't own, possibly trumping talk RAI is working on a merger with U.S. rival Lorillard ( LO ).

(+) ACST, Completes Phase II testing of its CaPre krill oil-based cholesterol drug candidate in patients with mild to severe hypertriglyceridemia. Also wraps trial measuring bioavailability in healthy volunteers taking single and multiple CaPre doses.

DOWNSIDE MOVERS

(-) IPCI, Reduced to Hold from Buy at Maxim after the drug-maker this week missed Street view with Q2 revenue. Maxim also raised concerns IPCI's abuse-deterent technology no longer is superior to rivals. Price target cut by $4 to $3 a share.

(-) TCS, Adjusted Q1 net loss of $0.07 per share misses Street view by $0.01. Net sales rise 8.6% to $173.4 mln, lagging estimates by $810,000. FY14 adjusted EPS forecast trails consensus by at least $0.03. Barclays, Credit Suisse cut price targets.

(-) GIMO, Lowers Q2 outlook by as much as $7 mln from prior guidance, now forecasting between $34.5 mln to $35 mln in revenue, trailing Wall Street estimates by at least $5.2 mln.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: AA , BTI , LO

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As of 12/26/2014, 04:15 PM


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