Hot Stock Minute

Stocks rally after Fed meeting, S&P ends at a record high

Investors were squarely focused on the Federal Reserve policy decision today.

The Fed kept its key fed funds rate near zero, but said it will continue to scale back its bond buying program by another $10 billion to $35 billion. In the press conference following the decision, Fed Chair Janet Yellen told reporters that though the economy is growing, it still needs help from the Fed. 

The S&P 500 (^GSPC) closed at record 1.956.98 while the Dow (^DJI)  rose nearly 100 points to close at 16,906.62 . The Nasdaq (^IXIC) ended the day at 4,362.84, its highest level in 14 years.

Amazon (AMZN) shares closed up 2.69%. The company unveiled its Fire 3-D smartphone at its much hyped media event.

Meanwhile, Blackberry (BBRY) ended the day up 2.98% after the smartphone maker signed an app licensing deal with Amazon. The deal will give Blackberry 10 users more access to music, games and video via Amazon’s Appstore in the fall when Blackberry launches its new operating system. Blackberry is scheduled to report results tomorrow before the bell.

Apple (AAPL)  is looking to appeal to more consumers. The company introduced a new cheaper iMac desktop that starts at $1,099, but for $200 less users will have to sacrifice speed and memory. 

FedEx (FDX) shares closed up 6.16% after the package delivery company reported stronger-than-expected earnings and revenue.

ConAgra Food (CAG) ended the day down 7.25% after it cut its earnings outlook for its fourth quarter which ends in May. The company blaming weakness in its consumer-foods and private-brand businesses.

On Thursday, the Labor Department releases weekly jobless claims at 8:30 a.m. Eastern. 

View Comments (3)