US stocks end higher
January 26th, 2012 - 8:57 am ICT by IANSNew York, Jan 26 (IANS) US stocks rose Wednesday after the Federal Reserve said it will not raise interest rates until at least 2014, maintaining its accommodative stance to support the country’s economy, Xinhua reported.
The investors cheered after the Fed said Wednesday that economic conditions “are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.”
The market rose also because Apple’s stock surged over 6 percent, boosting technology shares in NASDAQ.
The company posted late Tuesday a record quarterly revenue of $46.33 billion and a record quarterly net profit of $13.06 billion, making its first quarter of fiscal 2012 record-breaking.
Communications technology company Motorola Solutions reported on Wednesday its fourth-quarter net earnings were $184 million. Revenues totalled $2.3 billion, a 5-percent increase from a year ago.
Meanwhile, Boeing, the biggest jet company posted a stronger- than-expected 20-percent-increase in fourth-quarter profit Wednesday.
However, the market was still pressured by disappointment with the lack of deals between Greece and its private bondholders.
Moreover, creditors of Greek bond met in the French capital of Paris in a closed-door meeting to discuss whether the talks should go on.
The Dow Jones Industrial Average gained 83.10 points, or 0.66 percent, to 12,758.85. The Standard & Poor’s 500 Index jumped 11. 41 points, or 0.87 percent, to 1,326.06. The Nasdaq Composite Index rallied 31.67 points, or 1.14 percent, to 2,818.31.
As for other markets, the US dollar fell against major currencies in late New York trading on Wednesday as the Federal Reserve said that it would keep interest rate at exceptional low level for longer than previous expected.
The dollar index lost 0.51 percent to 79.46.
Oil prices rebounded on Wednesday after the Fed said that its benchmark interest rate will stay ultra low until at least 2014.
As of Wednesday’s close, light, sweet crude for March delivery rose 45 cents, or 0.5 percent to settle at $99.40 a barrel on the New York Mercantile Exchange.
In London, Brent crude for March delivery also gained and last traded around $110.3 a barrel.
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- US stocks rally after Bernanke's remarks - Mar 27, 2012
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