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Stocks Gain as Fed Maintains Asset Purchases; Jobless Claims Less Than Expected

By: MT Newswires
Posted: 9/19/2013 9:01:00 AM
Referenced Stocks: A;ORCL

US stock futures were higher Thursday, extending yesterday's surge in the wake of the U.S. Federal Reserve's decision to keep buying about $85 billion in assets every month. The Fed had been expected to start weaning markets off the asset purchases - known as quantitative easing - cutting back on purchases by about $10 billion monthly.

Stock markets made sharp gains here and abroad on Fed Chairman Ben Bernanke's announcement, even as the Fed cut its projection for 2013 economic growth to between 2.0% and 2.3%, down from the June estimate between 2.3% and 2.6%.

Meanwhile, weekly initial jobless claims rose 15,000 to 309,000, less than the consensus estimate of 341,000.

In equities, Oracle ( ORCL ) slipped 0.80% pre-market as its Q2 revenue grew less than the market had expected. Agilent Technologies ( A ) meanwhile added nearly 8% after saying it plans to split in two to better capitalize on the company's assets.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.10%

-S&P 500 futures up 0.27%

-Nasdaq 100 futures up 0.25%

-Nasdaq-100 Pre-Market Indicator up 0.24%

GLOBAL SENTIMENT

Nikkei up 1.80%

Hang Seng up 1.67%

Shanghai Composite up 0.29%

FTSE-100 up 1.39%

DAX-30 up 1.03%

PRE-MARKET SECTOR WATCH

(+) Large cap tech: higher

(+) Chip stocks: higher

(+) Software stocks: higher

(+) Hardware stocks: higher

(+) Internet stocks: higher

(-) Drug stocks: lower

(+) Financial stocks: higher

(+/-) Retail stocks: unchanged

(+) Industrial stocks: higher

(+/-) Airlines: unchanged

(+) Autos: higher

UPSIDE MOVERS

(+) ACUR (+21.19%) Meth-resistant pseudoephedrine drug gets repeat orders

(+) RAD (+12.13%) Q2 beat views and raised its FY guidance

(+) BMRN (+3.24%) Roche seen buying company for between $95 and $105 per share

(+) TTWO (+4.07%) Grand Theft Auto game sales exceeded $800 million

DOWNSIDE MOVERS

(-) FSC (-3.42%) Company is selling 15 million shares to repay debt

(-) ROYT (-7.12%) Shareholders plan to sell 13.5 million, or 40%, of shares