Toward the end of trading Wednesday, the Dow traded up 0.99
percent to 15,682.70 while the NASDAQ jumped 1.00 percent to
3,782.49. 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:
) shot up 9.00 percent to $52.50 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
Shares of NGT Advanced Technologies (NASDAQ:
) were also on the rise, gaining 9.94 percent to $7.57 after a
report from Canaccord Genuity stated the company was poised to
benefit from higher sapphire prices.
) was also up, gaining 5.07 percent to $116.22 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
) were down 27.64 percent to $10.02. 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 tumbled 3.48 percent to $103.28 after the company
reported a 1.1% drop
in its fiscal fourth-quarter earnings and issued a downbeat Q1
Triumph Group (NYSE:
) was also down, falling 8.22 percent to $72.13 after the company
announced it would have higher pre-tax program costs than
Commodities In commodity news,
oil traded up 2.76 percent
to $108.33, while gold traded up 3.61 percent to $1,356.90.
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 percent.
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 will announce 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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