- Citi Mortgage Reveals Something the US Treasury Won't
- Fed Sanguine About US Recovery, Worried on Jobs
- Amended Berkshire Filing Reveals No 'Secret' Holdings
- In Time for Holidays: More Gloom and Doom on Economy
- Turkey Day 101: How Well Do You Know Your Bird?
- Privately Held Facebook Creates Dual-Class Stock
- Holiday Guide to This Season's Smartphones
- Six Ways to Boost Your Income in a Big Way
- Gambling Drunk, Eggos on eBay & More: Your Emails
- S&P to Hit 1,200 by Year-End: Chief Investor
- Amended Berkshire Hathaway Filing Indicates No Secret Stock Stakes at End of Q3
- Facebook's Biggest-Ever Holiday Shopping Season
- Facebook's New Dual Class Structure - Slow Steps to an IPO
- 5 Big Bank Stocks Investors Should Consider: Strategists
- Gambling Drunk, Texting to Live And America's On Sale - Your Emails
- Nov. 24: Unusual Volume Leaders
- NBA D-League On The Rise
- 3D's Tipping Point and Your Living Room
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- GM's Agreement to Sell Saab To Swedish Firm Falls Apart
- CNBC Anchor Takes a Sabbatical
- Buyers Look For Bargains At Luxury Condo Auction
- Privately Held Facebook Creates Dual-Class Stock
- NBA D-League On The Rise
- FDIC Fund Falls into The Red, Bair Urges Lending
- On Twitter, Beware False Prophets
- 10 Holiday Cocktail Recipes from Top Mixologists
- Just In Time for Holidays: More Gloom and Doom on Economy
Text Size 
Stocks advanced after the Federal Reserve delivered one of its most optimistic statements in the past few years.
The Dow Jones Industrial Average more than doubled its gains after the announcement, sending the blue-chip index through 9,900 for the first time since last fall.
The Fed, as expected, left interest rates at historically low levels. Policy makers said economic activity has "picked up"— an improvement from the "leveling out" language from its last statement — and conditions in the financial markets have improved. They also said housing activity has increased and household spending is stabilizing.
The Fed also said it was slowing its purchases of mortgage debt in order to extend the program through the end of March and smooth the transition in the markets.
This came after stocks closed at fresh 2009 highs in the prior session as the dollar weakened.
This morning, the dollar fell to a fresh one-year low against the euro and other currencies.
Investors are also waiting on the Fed statement, due out at 2:15pm today. They widely expect the Fed will keep interest rates at a record low but will be combing the statement for any signal that policy makers plan to reel in some of the stimulus measures that have pumped trillions into the banking system and kept currency moves subdued.
The Treasury auctioned $40 billion of five-year notes that fetched a yield of 2.47 percent. Demand was weak, with a bid-to-cover ratio of 2.40, This came after strong demand for the two-year auction on Tuesday. The seven-year auction is tomorrow.
Ford [F
Loading...
()
] shares jumped after the automaker offered an upbeat outlook: CEO Alan Mulally said the auto industry is recovering and he expects sales to rise over the next two years. The U.S. market is "looking good," Mulally said, but added that the company is looking to Asia to juice sales.
Also on the positive side, mortgage applications jumped 12.8 percent last week to their highest level since late May. Interest in home-buying increased as mortgage rates fell below 5 percent.
On the earnings front, General Mills [GIS
Loading...
()
] beat earnings expectations, helped by strong sales in the U.S. and lower commodity costs, and raised its full-year forecast. Its shares advanced.
AutoZone [AZO
Loading...
()
] shares fell after the auto-parts chain missed its earnings target amid a calendar shift and as customers shifted toward lower-margin products.
Bank of America [BAC
Loading...
()
] and Citigroup [C
Loading...
()
] advanced, while many other banks were in the red. Bank of America and JPMorgan Chase [JPM
Loading...
()
] are among banks that have agreed to overhaul overdraft fees, just as lawmakers prepare to implement sweeping credit card changes.
Seagate Technology [STX
Loading...
()
] gained after Deutsche Bank upgraded the stock to "buy," based on expectations for better demand and higher margins at the small-cap computer disk maker.
And Palm [PALM
Loading...
()
] shares climbed after the company said it expects to raise $313.1 million from a sale of shares at $16.25 each, a 5 percent discount to Tuesday's closing price. Palm shares had been up about 15 percent over the past several days amid talks of a possible takeover bid as traders scurried to cover short positions.
Microsoft [MSFT
Loading...
()
] shares advanced amid news that the software giant is reportedly developing a tablet-style PC, according to widely followed technology blog Gizmodo.
Life insurers got a downgrade from Morgan Stanley to "in line" from "attractive." Prudential Financial [PRU
Loading...
()
] and Union Group [UNM
Loading...
()
] both declined after Morgan cut its ratings on the stocks.
AMR [AMR
Loading...
()
] skidded after the parent of American Airlines sold $250 million in convertible senior notes due in 2014.
- Remember when auto shows were major events where new models could generate buzz?
- CNBC’s Mike Huckman visits a cutting-edge plant to see how the flu vaccine of the future is being made.
- People who bottle up their anger at work are up to five times more likely to suffer a heart attack, a study found.
- Playboy will outsource its publishing operations in a bid to become profitable again.
- A new McDonald's in Manhattan is the nation's first to sport a sleek, chic interior imported from stores in London and Paris.
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
Data is a real-time snapshot *Data is delayed at least 15 minutes