June 18, 2014 -- 4:15 p.m. ET - 06/18/14
Stocks rallied on Wednesdays session. The Dow rose 98 points to 16906. The S&P 500 advanced 15 points to an all-time high of 1956. The NASDAQ climbed 26 points to4362. The major averages finished firmly in positive territory following the Feds policy meeting. As expected, the central bank trimmed its monthly asset purchases by another$10 billion to $35 billion. The market added to its advance following comments from Chair Janet Yellen. At a press conference, Yellen said the economy is recovering in the current quarter and should continue to improve at a moderate pace. On the earnings front, Adobe gained 8.2% to $73.08 after posting quarterly results above analyst projections. FedEx added 6.2% to $148.95 as its profits topped consensusestimates. Shares of ConAgra fell 7.3% to $30.47 following its reduced outlook for the current quarter. All 10 sectors in the S&P 500 were up on todays session. Utilities and materials were the best performing groups. Duke Energy was 2.4% higher at $72.41. Shares ofAir Products rose 7.5% to $130.72 after the industrial gas maker appointed a new Chairman and CEO. Amazon.com was up 2.7% to $334.38 after the company introduced a new smartphone to challenge Apples iPhone. Breadth on the NYSE was 11-7 positive on issues and 4-1 on volume. NYSE Composite volume totaled 3.1 billion shares. The NASDAQ was 5-3 positive on issues; 2-1 onvolume. Treasuries rose on the session. Benchmark 10-year notes gained 17/32 to yield 2.59%. 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 FargoAdvisors 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.