Stock Market Watch

Stocks End Sharply Higher

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Stocks ended sharply higher in trading on Wednesday as investors brushed aside concerns over Cyprus.

The Dow Jones ended the day 0.39% higher at 14,511.73, the S&P 500 0.67% higher at 1,558.71, and the Nasdaq ended the day 0.78% higher at 3,254.19.

All sectors in the S&P 500 ended higher. The gains were led by Consumer Cyclical sector, which ended the day 1.20% higher. Healthcare sector also rose sharply, ending the day 1.02% higher. Conglomerates ended the day 0.92% higher. Financials rose 0.59% higher.

Williams-Sonoma Inc. (NYSE: WSM) shares rallied in trading on Wednesday after the company reported better than expected earnings for the fourth quarter. Shares of specialty retailer rose to a 52-week high of $50.49 before finishing the day 10.26% higher at $49.85.

FedEx Corporation (NYSE: FDX) shares fell sharply after the company reported its third-quarter results. The stock fell to an intra-day low of $98.82 before finishing the day 6.89% lower at $99.13.

Adobe Systems Inc. (NASDAQ: ADBE) shares edged higher after the company reported its financial results for the first quarter. The stock closed 4.20% higher at $42.46 on above average volume of 10.72 million.

The Federal Reserve released its monetary policy statement on Wednesday. The Fed said that it will continue with its bond buying program even though economic outlook has improved in recent weeks.

European markets ended mostly higher on Wednesday, with the EURO STOXX 50 Index closing 1.38% higher. Asian markets also ended mostly higher overnight, with the Shanghai Composite Index in China closing 2.66% higher, and the Hang Seng Index in Hong Kong closing 0.97% higher.

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edliston
Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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