Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at

Overnight Markets: US stocks soar on Fed minutes

by Himanshu Singh on Apr 10, 2014 at 04:29

Overnight Markets: US stocks soar on Fed minutes

Wall Street gained on Wednesday led by technology shares after minutes from the Federal Reserve's latest policy meeting eased concern about the timing of future interest-rate increases.

The Dow Jones industrial average surged 181 points or 1.11%, to end at 16,437. The S&P 500 gained 20 points or 1.09%, to finish at 1,872. The Nasdaq Composite added 71 points or 1.72%, to close at 4,184.

Fed policymakers were unanimous in wanting to do away with the thresholds they had been using to telegraph a policy tightening, according to minutes of a meeting last month that shed little new light on what might prompt an eventual interest-rate rise.

In the latest snapshot of the economy, Commerce Department data showed that US wholesale inventories rose at a slower pace of 0.5% in February, in line with expectations, after a revised gain of 0.8% in January.

Internet and biotech stocks were among the day's biggest gainers. Facebook Inc. climbed 7.3%, the most in the Standard & Poor’s 500 Index. LinkedIn Corp., which trades at more than 760 times reported earnings, increased 4.2%, while Twitter Inc. added 1.7%.

Regeneron Pharmaceuticals Inc. surged 6.9% as shares of biotechnology companies rallied the most in a year.

Alcoa Inc (AA.N) shot up 3.8% after the aluminum producer's earnings, excluding restructuring charges and other special items, exceeded analysts' expectations.

On the negative side, shares of Intuitive Surgical Inc (ISRG.O) slid 6.8% after the company estimated first-quarter revenue well below analysts' expectations mainly due to a 60% drop in sales of its flagship da Vinci robot system.

Shares of Blackstone-backed hotel chain La Quinta Holdings Inc (LQ.N) made a subdued market debut as investors took the view that the stock was fully priced in a crowded IPO market. The stock closed up 0.7% at $17.12.

In Asia, shares rose on Thursday after the Fed minutes eased concern about the timing of interest-rate increases in the world’s largest economy.

Sign in / register to view full article on one page

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home

As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Sponsored Video: Barings on investing in Frontier Markets

From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.

More about this:


On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet