April 9, 2014 -- 4:15 p.m. - 04/09/14
The major averages staged a rally on Wednesday. The Dow gained 181 points to 16437. The S&P 500 increased 20 points to close at 1872. The NASDAQ rose 70 points to 4183.
A promising start to first-quarter earnings season and further insight into the Feds monetary policy outlook helped stocks advance for a second day. The minutes from the March FOMC meeting revealed the central bank intends to keep its short-term rate near zero for an extended period of time.
Overall, eight of the 10 S&P 500 sectors finished in positive territory. Health care and materials were among the best performing groups. Celgene rallied 6.4% to $147.08. Alcoa gained 3.4% to $12.96 after posting a better-than-expected profit tally and the company delivered an encouraging forecast for global aluminum demand. Technology stocks also helped lift the market thanks to Facebooks 7% jump to close at $62.28. The more defensive telecommunications and utilities groups declined. Shares of AT&T fell 1.2% to $34.85. Duke Energy lost 1% to $71.72.
NYSE Composite volume totaled more than 3.2 billion shares. On the NYSE, advancers beat decliners by 3-1 on issues and on volume. The NASDAQ was 3-1 positive on issues and 6-1 positive on volume.
Treasuries snapped a four-day winning streak and a government auction of 10-year debt attracted weaker-than-average demand. The 10-year note fell 3/32 to yield 2.69%. The 30-year bond declined by more than half of a point to yield 3.57%.
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.