This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Stocks Post Solid Gains on Apple, Fed

Stocks in this article: AAPL IBM BIDU CAT BA FTNT KO CS WLP

NEW YORK ( TheStreet) -- Stocks finished higher Wednesday with the Nasdaq outperforming the broad market because of a massive post-earnings rally in Apple (AAPL).

The results of the Federal Reserve's latest policy meeting caused some fluctuation in the major U.S. equity indices but there wasn't a dramatic reaction to the news that the central bank was leaving its interest rate target intact. The Fed also tweaked the language of its policy statement and adjusted some of its economic projection.

Chairman Ben Bernanke combated that perception to some extent in his press conference though, once again leaving the door for more quantitative easing ever so slightly ajar during the question-and-answer session.

"Bernanke went out of his way at least four times to say that QE3 is still on the table, so I think we can take from all of this that QE3 is still on the table," said John Canally, strategist at LPL Financial. "And that's not by mistake, Bernanke is prepped ad nauseum for this thing so he didn't say that for no reason."

The Dow Jones Industrial Average advanced 89 points, or 0.7%, to close at 13,091, not far off the session's high of 13,105. The S&P 500 rose 19 points, or 1.4%, to finish at 1391.

The Nasdaq soared 68 points, or 2.3%, to settle at 3030, thanks largely to Apple's outstanding quarterly earnings report as the company sold more than 35 million iPhones, far exceeding consensus expectations.

The Fed dominated the afternoon headlines though. The central bank raised its GDP forecast for 2012 to a growth range of 2.4-to-2.9% from a prior projection of 2.2-to-2.7%. It also gave a more optimistic outlook for the jobs market, estimating the unemployment rate moving down to 7.8-8% this year from the expectation of 8-8.2% it gave in January, and boosted its inflation outlook slightly, going to an increase of 1.9-2% from a range of 1.4-1.8%.

There was a more hawkish tone to the proceedings as seven members of the Fed's rate-setting arm now expect a tightening of interest rates in 2014, up from five in January but this adjustment was offset by Bernanke's comments about providing more monetary stimulus if necessary.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs