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Bernanke Boosts the Dow — Wednesday’s IP Market Recap

Markets roar ahead on continued easing policies

   

IPMarketRecap Bernanke Boosts the Dow    Wednesday's IP Market Recap The Dow moved past the difficulties in Cyprus, where banks will stay closed until next week, and roared to a new record Wednesday.

Investors focused on comments from Fed Chairman Ben Bernanke who announced that the central bank will continue its existing policy of purchasing agency mortgage-backed securities and longer-term treasuries until employment conditions improve. (View complete Fed release here).

At the end of the day the markets rallied broadly, with the Nasdaq leading the charge with a gain of 0.78% to 3,254.19 and the S&P 500 following with a 0.67% gain to finish at 1,558.71. The Dow Jones Industrial Average touched a record intra-day high of 14,546.82 before finishing up 0.39% at 14,511.73.

Only a handful of stocks in the Dow failed to gain ground on the day, including Caterpillar (NYSE:CAT), which slid over 1.5% after announcing sales to dealers fell 13% over the past three months.

Shares of global transportation services company FedEx (NYSE:FDX) also bucked the markets’ trend, dropping nearly 7% after showing a 31% drop in Q3 earnings. The company also cut its outlook for the current quarter and full year, while adding that it might temporarily ground aircraft. Shares of rival UPS (NYSE:UPS, -1.23%) also fell on the news.

In other corporate and earnings news, BlackBerry (NASDAQ:BBRY) shares jumped over 6% after analysts at Morgan Stanley upgraded the stock to “overweight” and bumped its price target to $22 per share.

General Mills (NYSE:GIS) shares gained just almost 3% after the packaged food company announced improvements in top and bottom lines for the quarter. Sector mates Kellogg (NYSE:K) and Post (NYSE:POST) both gained over 1% on the news.

Graphics software developer and distributor Adobe Systems (NASDAQ:ADBE) shares rose over 4% after it exceeded earnings estimates, although earnings fell 65% from last year’s quarter.

Three Up

  • First Solar (NASDAQ:FSLR): Up 5.89% ($1.64) to $29.48
  • Toll Brothers (NYSE:TOL): Up 5.85% ($2.02) to $36.53
  • Lennar (NYSE:LEN): Up 4.78% ($1.98) to $43.40

Three Down

  • Cintas (NASDAQ:CTAS): Down 4.46% ($2.05) to $43.88
  • Zynga (NASDAQ:ZNGA): Down 3.75% (13 cents) to $3.34
  • Deere (NYSE:DE): Down 3.12% ($2.83) to $87.74

Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he did not own a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, http://investorplace.com/2013/03/wednesdays-ip-market-recap-2-fdx-ups-ge-adbe-gis-m/.

©2014 InvestorPlace Media, LLC

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