Stocks Fired Up by Fed, Intel

Board members and FOMC participants expect that the Fed won't have to extend a number of emergency facilities beyond Feb. 1, 2010, if recent improvements in the market continue. However, they're prepared to extend the terms of some or all programs as needed if financial stresses don't moderate.

The Fed minutes came amid a slew of earnings aside from Intel. Gannett(GCI Quote) shares surged 29.5% after the company, which reported an 18% drop in revenue, managed to beat profit estimates by 9 cents a share. Abbott Labs (ABT Quote) reported profit roughly in line with expectations, and fast-food restaurateur Yum! Brands (YUM Quote) exceeded targets, but pulled down guidance for same-store sales growth for the rest of the year. Abbott and Yum! Brands fell 2.7% and 5.5%, respectively.

Bank reports will continue to roll in later this week with JPMorgan Chase(JPM Quote) releasing its results on Thursday and Citigroup(C Quote) and Bank of America(BAC Quote) slated for Friday.

Outside of earnings, traders had an array of economic data to consider. The Department of Labor said that the consumer price index, the most widely cited gauge of inflation, increased by 0.7% in June after an 0.1% increase the month prior. The acceleration was largely due to a 17.3% increase in the gasoline index, according to the report. The core index, which excludes energy, increased 0.2%.

In another release, the Empire Manufacturing Survey's business conditions index increased 9 points to -0.6, and the new orders index and prices paid index rose above zero for the first time in several months. At the same time, the inventories index slipped to a record low, according to the report.