Wall Street Bulls Take the Win

Updated from 4:26 p.m. EST

Stocks in New York locked in gains Tuesday as investors made eyes at tech and took in economic commentary from President-elect Obama as well as the Federal Reserve.

Stocks, particularly in the tech sector, held up through a mass of mostly unpleasant economic indicators. The Dow Jones Industrial Average rose 62.21 points, or 0.7%, to 9015.10, and the S&P 500 added 7.25 points, or 0.8%, to 934.70. The Nasdaq led the charge, climbing 24.35 points, or 1.5%, to 1652.38.

The Federal Open Market Committee released minutes from its historic December meeting, during which the central bank cut its key benchmark interest rate to a range of zero to 0.25%.

"In the forecast prepared for the meeting, the staff revised down sharply its outlook for economic activity in 2009 but continued to project a moderate recovery in 2010," according to the minutes.

Real GDP was projected to decline for 2009 as a whole and to rise at a pace slightly above the rate of potential growth in 2010. The unemployment rate was deemed likely to rise significantly into 2010, to a level higher than projected at the time of the FOMC's October meeting. Core inflation was projected to slow considerably in 2009 and edge down further in 2010.

Barack Obama said Tuesday that the federal deficit will likely close in on $1 trillion in 2009 and stay at unprecedented levels for years, warning the government must embrace budget reform. The president elect also said his $800 billion stimulus package will ban the pork-barrel projects that are often inserted into legislation, and will be evaluated by an oversight board.