At the end of trading Wednesday, the Dow closed up 0.95
percent to 15,676.94 while the NASDAQ jumped 1.01 percent to
3,783.64. The S&P also rallied, gaining 1.22 percent to
Top Headline The FOMC statement dominated headlines this
afternoon after it surprised investors, holding QE at $80 billion
a month, and not beginning tapering like most analysts
The announcement sent markets soaring, with S&P futures
gaining 15 points in seconds.
The forward guidance left tapering open to interpretation, and
gave little hint as to when the Fed would begin the program other
than to say that it would begin when economic conditions
Equities Trading UP Adobe Systems (NASDAQ:
) closed up 9.22 percent to $52.58 after the company reported
that its subscription revenue climbed 73% to $299.4 million and
its Creative Cloud service added 331,000 paying subscribers in
the same quarter.
Shares of NGT Advanced Technologies (NASDAQ:
) were also on the rise, closing up 9.58 percent to $7.55 after a
report from Canaccord Genuity stated the company was poised to
benefit from higher sapphire prices.
) also gained, closing up 5.03 percent to $116.25 after the
company reported a rise in its fiscal
first-quarter profit and the Fed's announcement to not Taper.
Equities Trading DOWN Shares of Tower Group International
) closed down 27.96 percent to $9.98. Tower Group announced its
plans to release its Q2 results during the week of October 7,
2013. FBR Capital downgraded the stock from Outperform to Market
Cracker Barrel Old Country Store (NASDAQ:
) shares closed down 2.12 percent to $104.73
after the company reported
a 1.1% drop in its fiscal fourth-quarter earnings and issued a
downbeat Q1 forecast.
Triumph Group (NYSE:
) also closed down 8.02 percent to $72.30 after
the company announced
it would have higher pre-tax program costs than expected.
Commodities In commodity news, oil closed up 2.74 percent to
$108.16, while gold closed up 4.25 percent to $1,365.00. Silver
traded up 4.76 percent Wednesday to $22.79, while copper rose
2.93 percent to $3.31.
Eurozone European shares were mostly higher today. The Spanish
Ibex Index gained 0.78 percent, while Italy's FTSE MIB Index rose
0.30 percent. Meanwhile, the German DAX gained 0.45 percent and
the French CAC 40 rose 0.60 percent while U.K. shares dipped 0.17
Economics The Mortgage Bankers Association reported that its
index of mortgage application activity rose 11.20% in the week
ended September 13 versus the prior week. US housing starts rose
0.9% to an annual rate of 891,000 in August.
However, economists were expecting housing starts to reach an
annual rate of 921,000. Crude stockpiles declined 4.4 million
barrels for the week ended September 13, the US Energy
Information Administration reported.
However, analysts were expecting a fall of 1.5 million
barrels. The Federal Open Market Committee announced its policy
decision and economic projections at 2:00 p.m. ET.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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