Stocks Stay Afloat After Fed Comments

Among companies in the headlines, MasterCard (MA Quote) agreed to pay $1.8 billion to settle litigation brought by American Express (AXP Quote), which had alleged the company conspired to keep it out of the bank-issued credit card market. MasterCard was up about 5%, and American Express was trading even.

Staying in financials, Britain's Barclays (BCS Quote), stung by the same financial slowdown that has deviled its U.S. counterparts, set plans to raise nearly $9 billion through a stock offering. Shares were recently up 5%, adding to a broad rally in the sector.

As for earnings, crop-science concern Monsanto (MON Quote) said its third-quarter earnings jumped more than 40%, while revenue surged 26% to $3.59 billion. The company also raised its forecast again.

Cereal maker General Mills (GIS Quote) wasn't as fortunate, saying its fourth-quarter profit dropped as the positive effects of commodity hedges wore off. Still, the numbers were in line with its preview issued last week.

After the close today, traders will take in financial results from Nike (NKE Quote), Oracle (ORCL Quote) and Research In Motion (RIMM Quote).

The tech sector saw a broad rally as Jabil Circuit (JBL Quote) forecast earnings that would beat the Street's expectations. Jabil shares were rising 14%. Nokia (NOK Quote) also led the sector, up 6%.

Elsewhere, JPMorgan initiated ratings coverage on the pharmaceutical sector. It put a neutral rating on Wyeth (WYE Quote), Eli Lilly (LLY Quote) and Bristol-Myers (BMY Quote). Schering-Plough (SGP Quote) garnered an overweight rating.

AT&T (T Quote) saw shares rise on a Bernstein upgrade to outperform from market perform. Shares gained 2%. Sprint (S Quote) shares were also rising 6%.