NEW YORK (CNN/Money) -
A number of upbeat earnings and bets that the Fed won't budge on interest rates when it concludes its meeting later in the day sent stocks higher early Wednesday, one session after a big selloff.
 |
YOUR E-MAIL ALERTS
|
Follow the news that matters to you. Create your own alert to be notified on topics you're interested in.
Or, visit Popular Alerts for suggestions.
|
|
|
After five minutes of trading, the Dow Jones industrial average (up 22.82 to 10632.74, Charts), the Standard & Poor's 500 (up 3.73 to 1147.78, Charts) index and the Nasdaq composite (up 9.06 to 2125.10, Charts) all posted modest gains, with the Nasdaq the highest.
The Federal Reserve's two-day policy-setting meeting concludes later Wednesday and the central bank is not expected to change its target for the fed funds rate or its outlook on the economy, and to indicate that it will keep rates low for the foreseeable future. Continued low interest rates and a fast-growing economy could provide the conditions for the stock market rally to continue.
Among the stocks moving on earnings news:
Dow component Procter & Gamble (PG: Research, Estimates) rose slightly after the company reported earnings of $1.30 per share, a penny more than expected and up from $1.13 a year earlier.
Flextronics (FLEX: up $1.48 to $18.55, Research, Estimates) rallied after reporting a quarterly profit, reversing a year-earlier loss, on sales that topped forecasts.
Chipmaker Broadcom (BRCM: up $2.82 to $43.42, Research, Estimates) reported earnings that topped estimates, after a loss a year earlier. The company also said its revenue in the current quarter would rise 10 percent from the last quarter.
Treasury prices were slightly lower, with the 10-year note yield up to 4.08 percent from 4.07 percent late Tuesday. The dollar rose modestly versus the yen and euro.
Brent crude oil futures fell 10 cents to $30.13 a barrel in London. COMEX gold fell 50 cents to $409.60 an ounce.
Asian stocks closed lower Wednesday. European markets gained at midday.
|
