Stocks finished higher Wednesday. The Dow gained 434 points to 25,014 while the S&P 500 added 41 points to 2,681. The Nasdaq jumped 154 points to 7,183.
The major averages rallied as investors digested a day packed with earnings, central bank, and political news. Stocks climbed to session highs while Treasury yields and the dollar dipped following the conclusion of the January Federal Reserve meeting. As expected, the Fed left its benchmark rate unchanged and said it plans to be “patient” regarding future interest rate hikes and its balance sheet reduction program. On the data front, private payrolls rose 213,000 in January, more than a projected 181,000 increase. Another report showed pending home sales dipped to the lowest level in five years in December.
Technology shares paced gains with Apple adding 6.8% to $165.25 after profit and sales came in slightly above analyst expectations despite a dip in iPhone sales. Boeing was another notable gainer, climbing 6.3% to $387.72 after the jet maker announced annual sales topped $100 billion for the first time. Advanced Micro Devices jumped 20.0% to $23.09 after the chipmaker provided optimistic forward guidance. Meanwhile, AT&T fell 4.3% to $29.37 after adding fewer new subscribers than in the previous quarter.
Breadth was positive on issues by 4:1 on the NYSE and 2:1 on the Nasdaq. Composite NYSE Volume was more than 3.8 billion shares.
Treasuries strengthened with the yield on the 10-year note fell two basis points to 2.69%. In commodities, WTI crude added 1.8% to $54.28/barrel. COMEX gold gained 0.7% to $1,318.00/ounce.