Fed Gives Stocks a Boost

Bristol-Myers finished with a gain of 2.7% at $28.79. Sanofi-Aventis shed 0.8% to $44.08.

Altria (MO Quote), the New York-based maker of Marlboro cigarettes, said it will spin off its 89% stake in Kraft (KFT Quote). The company will distribute 0.7 Kraft shares for every Altria share March 30. Altria slipped 0.2%, while Kraft was 0.3% higher for the session.

Elsewhere, Time Warner (TWX Quote) said its fourth-quarter earnings rose 34% to $1.75 billion, while sales climbed 8.2% year over year to $12.5 billion. Time Warner slid by 17 cents, or 0.8%, to $21.87.

Fellow Dow component Boeing (BA Quote) posted adjusted fourth-quarter earnings of $1.16 a share on revenue of $17.54 billion, exceeding Wall Street's expectations. Shares rallied $3.56, or 4.1%, to close at $89.56.

At Eli Lilly (LLY Quote), sales for the fourth quarter increased 9% to $4.25 billion, but earnings slumped to $132.3 million from $700.6 million a year earlier. Excluding charges, the drugmaker's profits would have been $929.6 million, up 7%. On a per-share basis, adjusted earnings were 85 cents. Lilly finished higher by $1.45, or 2.8%, to $54.18.

Eastman Kodak (EK Quote) swung to a fourth-quarter profit of $16 million, or 6 cents a share, from a year-earlier loss of $46 million, or 16 cents a share. Excluding items, the company earned 59 cents a share, beating analysts' consensus estimate, even as revenue slipped 9% and missed targets. The stock added 34 cents, or 1.3%, to close at $25.86.