Stocks Hit Session High After Fed (FSLR, CBG, X, IGT, MAS, CMI, ADSK)
U.S. gained further ground in the afternoon session after the Federal Open Market Committee announced its policy. The fed decided to keep the interest rate unchanged and short-term rate target at zero to 0.25%. it said that the housing sector still depressed, Jobless rate has fallen but still elevated. It further added that Fed to keep reinvesting housing debt into MBS and expects to keep accommodative monetary policy. Inflation rate is expected to move higher temporarily given the surge in gas prices and crude prices, while economy expanding moderately. Household and business spending continued to improved.
The Dow Jones Industrial Average was recently up 121.51 (0.94%) at $ 13,081.22, the S&P 500 rose 12.48 (0.91%) to 1,383.57 and the NASDAQ Composite added 31.87 (1.07%) at 3,014.26. Earlier, stocks gapped up on stronger than estimated retail sales in the month of February.
First Solar, Inc. (NASDAQ:FSLR) is the biggest gainer on the S&P 500 and rose 5.51% to $27.25 on news that 5N Tuesday reached a new deal to supply substantially all of the cadmium telluride, or CdTe, that First Solar Inc. requires to manufacture photovoltaic modules. The supply pact replaces their three existing supply agreements, though pricing is lower to reflect market conditions.
CBRE Group Inc (NYSE:CBG) is the second top gainer and added 5.42% at $20.21 in absence of any major news.
United States Steel Corporation (NYSE:X) climbed over 5% supported by strong gains in commodities. The company announced the pricing of its public offering of $400,000,000 aggregate principal amount of 7.500% Senior Notes due 2022 (the “Notes”). The Notes were priced at 100% of the principal amount.
International Game Technology (NYSE:IGT) soared 5.21% to $16.15 after the company reached a strategic relationship with Lottomatica Group (FTSE: LTO) to bring game content and game terminals to the Italian VLT (Comma 6b) gaming market.
Masco Corporation (NYSE:MAS) added 4.56% at $12.60 along with other home improvement stocks.
Autodesk, Inc. (NASDAQ:ADSK) added over 4% and Cummins Inc. (NYSE:CMI) surged 4.50%.