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Stocks Gain as Minutes Indicate FOMC To Remain Accommodative

By: MT Newswires
Posted: 4/9/2014 4:00:00 PM
Referenced Stocks: AA

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.