Closing Update: Stocks Gain as FOMC Notes Point to Easy Monetary Policy

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Wall Street bulls breathed a sigh of relief Wednesday when the March minutes from the Federal Open Market Committee meeting indicated the Fed is likely to keep short-term interest rates low even after economic thresholds have been met, fueling a late-day surge in stocks.

Equities built on early, conservative gains attributed to better-than-expected earnings from Alcoa ( AA ), which helped alleviate some anxiety surrounding Q1 results. Bargain-hunting in social media and technology stocks helped the Nasdaq Composite pierce its 50-day moving average and close 1.5% higher.

Today's calendar was again very light with only wholesale inventories and sales which rose 0.5% and 0.7%, respectively, in February.

Here's where the markets stand at the close:

US MARKETS

Dow Jones Industrial Index was up 181 points (+1.1%) at 16,437

S&P 500 was up 20 points (+1.1%) at 1,872

Nasdaq Composite Index was up 70 points (+1.7%) at 4,183

GLOBAL SENTIMENT

FTSE 100 was up 0.68%

Nikkei 225 was down 2.10%

Hang Seng Index was up 1.09%

Shanghai China Composite Index was up 0.33%

UPSIDE MOVERS

(+) ATHL Entered into multiple definitive agreements to acquire certain properties for an aggregate purchase price of $873 million in cash.

(+) PCRX Offering and expanded manufacturing could be good news for Exparel

(+) TLOG Tumor treatment using birinapant data to be published

DOWNSIDE MOVERS

(-) EBR Increase in Brazilian inflation raised concerns about impact on the electric utility

(-) ISRG Q1 revenue will fall 24% from a year earlier to $465 million, compared with the consensus estimate of $536 million

(-) AHT Offering Is Upsized to 7.5 mln shares, from 7 mln shares, prices at 4.5% discount



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

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