Stocks Battle Higher, Fed Very Optimistic, New Home Sales Down
Stocks battled higher on the session after selling off in anticipation of the FOMC statement. A jagged, erratic trading day ending in a strongly positive close. The Fed appeared very optimistic about the economy vowing to keep rates low as the recovery takes solid hold. However, New Home Sales for December slipped by 7.6% casting a dark cloud over the Fed exuberance. The DJIA added +41.87 to 10236.16, the Nasdaq climbed +17.68 to 2221.41 and the S&P 500 moved higher by +5.33 to 1097.50.
^AAPL^: Revealed their new iPad device to much fanfare, sending shares higher by 0.94% or $1.94 to $207.88.
Berkshire Hathaway ^BRK-B^: Buffet’s baby was added to the S&P 500 today triggering shares to advance 4.94% or $3.36 to $71.36.
^MCO^: The ratings company had a mortgage backed securities fraud lawsuit dismissed today. Shares celebrated by climbing 8.26% or $2.20 to $28.83.
^SMCI^: Surged 16.28% or $1.89 to $13.50/share after forecasting it will beat analysts fiscal third quarter estimates.
Oil dropped 94 cents to $73.77; gold gave back $13.00 to $1087.00 and the VIX index dropped by 5.74% to 23.14.
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