Stocks traded higher early Wednesday morning after a lull on Tuesday. The 55 point rise ½ -hour into the session could be attributed to investor optimism; stemming from Tuesday’s announcement of maintained low interest rates.
Federal Reserve officials believe the economic recovery will be slow and expressed the importance of the central bank preserving low interest rates for the foreseeable future.
The S&P 500, which fell 38 percent in 2008, has regained 62 percent after hitting a 12-year low in March, due in part to these record-low interest rates. Released results from S&P 500 companies show 80 percent exceeding the average analyst predictions for third quarter earnings. Around three stocks went up for every one that tumbled on the NYSE.
Financial shares in the S&P 500 spiked 2.1 percent, the greatest gain among 10 groups. Goldman Sachs Group Inc. rose 2.2 percent to $180.42 while Bank of America climbed 2.5 percent to $16.44 and JPMorgan Chase & Co. tacked on1.6 percent to $44.86.
About EQUITIES:
Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on the Internet at www.equitiesmagazine.com, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.
Sign up for a free one-year subscription to EQUITIES Magazine.
