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Stocks jump on Fed minutes

Wednesday, November 18, 2015 - 01:05

The major idexes closed about one and a half percent higher after the Fed minutes showed most Fed policymakers were supportive of a December rate hike. Bobbi Rebell reports.

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Stocks extended their gains after minutes from the Fed's October meeting showed most officials rallied behind a possible interest rate hike in December. A rally in healthcare and materials stocks had earlier driven Wall Street higher. The Dow, aided by Apple, rose for the third straight day. BTIG's Katie Stockton: SOUNDBITE: KATIE STOCKTON, CHIEF TECHNICAL STRATEGIST, BTIG (ENGLISH) SAYING: "I think this turnaround that we've seen is really a testament to the resiliency of the market." Goldman Sachs added Apple to its top picks list. It sees the shares rising as much as 43 percent. Target shares fell. Quarterly profit rose, but a drop in electronics sales resulted in much slower online sales growth than expected. Qualcomm shares fell sharply. The Korea Fair Trade Commission charged the chipmaker with violating its competition law, Qualcomm said. Mostly positive news on housing: Building permits surged in October, and mortgage applications rose sharply last week. But housing starts fell last month. Stocks in Europe finished mostly lower. Pressuring shares: gas company Air Liquide fell on news of its acquisition of its U.S. rival, Airgas.

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Stocks jump on Fed minutes

Wednesday, November 18, 2015 - 01:05