Stocks climbed after the Federal Reserve said it would continue to support the U.S. economy. The Federal Reserve maintained its policies on bond purchases and record-low interest rates, projecting “a return to moderate economic growth following a pause late last year.” Europe also remains a factor for markets, with an updated proposal to soften a controversial tax on bank deposits in Cyprus outright rejected by the island nation’s parliament on Tuesday. FedEx slumped 6.9% after the co. reduced its 2013 earnings forecast as more customers resorted to less costly options. Adobe Systems gained 4.2% following sales and profit that topped expectations. BlackBerry rose 6.5% after Morgan Stanley raised its rating to overweight from under weight, and more-than-doubled price target to $22 a share from $10. Apple gave up 0.5% as Canaccord Genuity cut its price target on Apple to $600 a share from $650, but left buy rating intact. Yahoo and Zynga also slipped on the recent downgrades. After the closing bell Oracle tumbled 7.2% in heavy volume, with the co.’s fiscal third-quarter sales coming below expectations and mixed next quarter guidance.
Thursday, March 21, 2013
Jumped after the Fed's statement
Stocks climbed after the Federal Reserve said it would continue to support the U.S. economy. The Federal Reserve maintained its policies on bond purchases and record-low interest rates, projecting “a return to moderate economic growth following a pause late last year.” Europe also remains a factor for markets, with an updated proposal to soften a controversial tax on bank deposits in Cyprus outright rejected by the island nation’s parliament on Tuesday. FedEx slumped 6.9% after the co. reduced its 2013 earnings forecast as more customers resorted to less costly options. Adobe Systems gained 4.2% following sales and profit that topped expectations. BlackBerry rose 6.5% after Morgan Stanley raised its rating to overweight from under weight, and more-than-doubled price target to $22 a share from $10. Apple gave up 0.5% as Canaccord Genuity cut its price target on Apple to $600 a share from $650, but left buy rating intact. Yahoo and Zynga also slipped on the recent downgrades. After the closing bell Oracle tumbled 7.2% in heavy volume, with the co.’s fiscal third-quarter sales coming below expectations and mixed next quarter guidance.
