Stocks finish with strongest session in a month, boosted by Fed minutes

Stocks accelerated higher after minutes from the most recent FOMC meeting revealed policy makers dropped a jobless-rate target for raising interest rates, ending with their best gains in more than a month.

The minutes showed policymakers are not necessarily committed to hiking rates in H1 of 2015, making it clear the FOMC is unwilling to back itself into a corner by providing calendar-based guidance.

Today's advance was powered by many of the recent laggards; health care led among the S&P's 10 main sectors, helped by downtrodden biotechs, and momentum names enjoyed a boost from the likes of Facebook and LinkedIn, which surged 7.3% and 4.2% respectively,

Also helping investor mood was an encouraging report from Alcoa, which helped get earnings season off to a positive start.

Treasurys cut most of their earlier losses after the release of the minutes, with the benchmark 10-year yield ending at ~2.69%; elsewhere, the dollar slid while gold recovered earlier losses, clawing back to the $1,309/oz. level.

Comments (1)
  • wapiti
    , contributor
    Comments (711) | Send Message
    No volume short squeezes were the big winners...PITIFUL volume...NO real buyers Just HFTs and hedge funds playing around....Just check out the vol today vs. last week during the sell off. Lots of Roach motels
    9 Apr 2014, 04:28 PM Reply Like
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