By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks edged higher after the
Federal Reserve announced no changes to its policy of tapering
monthly bond purchases by $10 billion.
However, the Fed officials said they expect to raise short-term
interest rates a bit faster in 2015 and 2016 than previously
forecast.
The S&P 500 (SPX) added 6 points, or 0.3%, to 1,947.81. The
Dow Jones Industrial Average (DJI) rose 22 points, or 0.1% to
16,930.33. The Nasdaq Composite (RIXF) gained 5 points, or 0.1%, at
4,342.94.
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action.
The Federal Open Markets Committee wrapped up the second day of
its meeting and released a statement, which remained similar to the
previous one. Fed Chairwoman Janet Yellen is to begin a press
conference at 2:30 Eastern.
* In corporate news, Amazon.com Inc. Chief Executive Jeff Bezos
is expected to unveil its first smartphone at an event in Seattle,
and speculation is that the device will feature 3-D capabilities.
Amazon shares rose 1.8%.BlackBerry Ltd. shares rose 3.4% after the
company announced a partnership with Amazon on Wednesday. that
would give the smartphone maker access to Amazon's Appstore. Shares
of FedEx Corp. rose 3.8% after the parcel delivery company's
quarterly earnings and sales topped analysts' expectations.Adobe
Systems Inc. leapt 9.6% after the company late Tuesday reported
better-than-expected adjusted earnings.But La-Z-Boy Inc. shares
slid 9% as the furniture maker's fourth quarter same-store sales
fell 0.9%, compared with a 11.2% rise in the fourth quarter of last
year.ConAgra Foods Inc. shares declined 5.8% after the
packaged-food company said fiscal fourth-quarter earnings will miss
expectations, as volume in its consumer foods segment declined 7%
and its private brands unit posted weak profits.
* In overseas markets, Japanese stocks rose, outperforming other
benchmarks throughout the region. European stocks wavered ahead of
the Fed decision. Minutes from the Bank of England's meeting
earlier this month, released Wednesday, signaled policy makers are
moving closer to raising U.K. rates before year's end.
* Among commodities, gold for August delivery ticked down $1 to
$1,270.6 an ounce. Crude oil futures added 39 cents to $106.75.
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