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Stocks smile at Fed rate statement

Wednesday, October 28, 2015 - 01:24

Stocks moved higher after Federal Reserve policy makers indicated a rate hike was possible at its next policy meeting in December. Bobbi Rebell reports.

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More bets are on December for a Fed rate hike after the Federal Reserve directly referenced its next polcy meeting in its statement. The central bank chose not to raise rates at its October meeting. Stocks initially sold off after the statement, but recovered to close with gains. Wells Fargo's Anika Khan: SOUNDBITE: ANIKA KHAN, SENIOR ECONOMIST, WELLS FARGO (ENGLISH) SAYING: " I think it's important to just step back and understand that with the Fed on hold and likely moving either this year or early next year that the markets are going to be volatile" " An oil price rally lifted energy stocks, and shares of Apple rose a day after stellar earnings. Energy stocks boosted European shares as well. Weaker demand for candy hurt Hershey's quarterly sales. The chocolate maker cut its profit forecast for the full year. Shares fell. Starwood Hotels' shares moved higher. CNBC reports Hyatt Hotels is in talks to buy the owner of the Sheraton and Westin brands. A source says three Chinese companies are vying to make a bid as well. Hyatt fell. Snack food maker Snyder's-Lance is buying Diamond Foods so it can offer healthier products. Diamond sells nuts and organic potato chips. Its shares shot up; Snyder's sank. Filling a record number of prescriptions helped Walgreens Boots Alliance boost profit.The report comes one day after the drugstore chain said it'll buy its rival, Rite-Aid.

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Stocks smile at Fed rate statement

Wednesday, October 28, 2015 - 01:24