Wall Street climbed, with big tech names leading broad gains, building on strength from a day earlier that was fueled by the Federal Reserve’s decision to stand pat on interest rates. Fred Katayama reports.
Stocks extend Fed-fueled rally
Wall Street extended Wednesday’s rally, fueled by the Federal Reserve’s decision to hold interest rates steady. The Nasdaq closed at another record high.
Sam Stovall of S&P Global Market Intelligence:
SOUNDBITE: SAM STOVALL, U.S. EQUITY STRATEGIST, S&P GLOBAL MARKET INTELLIGENCE, (ENGLISH) SAYING:
“Basically, investors are saying, you want to stick with stocks. It appears to be the best game in town.”
The Fed’s move to slow the pace of future hikes also pushed the U.S. dollar lower for the second straight day.
Going the other direction: oil prices after U.S. stockpiles recorded a surprise weekly drop.
A huge hack at Yahoo. The Internet company said information associated with 500 million users accounts was stolen in 2014.
Tech stocks, Amazon and Apple, produced the biggest boost for the S&P 500. Amazon shares soared to an all-time high after BMO Capital raised its price target. The brokerage firm expressed confidence in the subscriber growth of the company’s Prime membership that offers free shipping.
Apple got a lift after two brokerages lifted their price targets on the iPhone maker.
Lennar’s shares rose after the home builder said it would buy luxury home builder WCI Communities.
In Europe, the Fed rate decision drove shares to a two-week high with mining stocks leading the way.