By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks jumped to session highs,
sending the Dow Jones Industrial Average 200 points higher after
minutes released from the Federal Open Markets Committee meeting
reaffirmed the central bank's intention to be prudent in its plans
to eventually hike rates.
The minutes offered no major revelations. But markets wrestling
with sluggish growth in Europe, China and Japan may have been
heartened by the lack of surprises.
Some highlights from the minutes released Wednesday include the
fact that several top official wanted to re-write their guidance
that short-term interest rates were likely to stay low for a
"considerable time," but held off in part because of concerns that
the market would view it as a fundamental shift in policy.
The S&P 500 (SPX) was up 22 points, or 1.2%, at 1,957.50.
The Dow Jones Industrial Average (DJI) jumped 200 points, or 1.1%,
to 16,911.70. The Nasdaq Composite (RIXF) gained 61 points, or
1.4%, to 4,446.37.
As part of Tuesday's carnage, the S&P 500 (SPX) dropped 1.5%
to close at 1,935.1, and the Dow industrials (DJI) experienced its
worst selloff in more than two months. Wednesday, however, saw much
more buoyant trading action.
Market's October backdrop remains bearish
Stocks to watch:Yum Brands Inc.(YUM) picked up 0.9% after a big
selloff on Tuesday. The company's profit and outlook missed
estimates, and it slashed expectations for full-year growth in
earnings per share.
Kraft Foods Group Inc. (KRFT) was up 1.4% after the food company
said Tuesday it's raising its quarterly dividend to 55 cents a
share, from 52.5 cents.
Costco Wholesale Corp. (COST) surprised with a 13% rise in
profit on growth in same-store sales and higher sales from
membership fees. Shares rose 2.6%.
Symantec Corp.(SYMC) could be looking at a split, Bloomberg News
reported, citing persons with knowledge of the plans. Shares rose
nearly 2.7%.
Other markets: European stocks trended lower, with the German
DAX 30 dropping below the key 9,000 level. Travel stocks were hit
particularly hard in Europe on fears the spread of Ebola will
hamper tourism. Stocks in Russia and other emerging markets were
also hit hard as Tuesday's growth warning by the International
Monetary Fund about the health of the global economy continued to
have ripple effects. The case for not panicking over the global
slowdown
The global rout was felt in Asia, where the Nikkei 225 index
lost 1.2%.
Oil prices(CLX4) pushed another leg lower, trading around the
$87-dollar-a-barrel level. On Tuesday in New York it finished at
its lowest level for two years, also weighed by that IMF growth
call. Gold(GCZ4) rose as stocks continued to struggle.
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