The market held overnight gains Wednesday, surging in the afternoon after upbeat comments from the Federal Reserve Bank. In the minutes from the FOMC’s January meeting, officials were more upbeat about the recovery, raising the GDP growth forecast range to 3.4-3.9% from 3-3.6%. The committee also suggested it could considering paring back the $600 billion bond buying program (QE2) if the recovery accelerates.
Oil stocks had a strong day as global commodity prices continue to heat up. JP Morgan Chase & Co. (JPM) was the shining star among the banks, building upon its recent breakout with a 2.4% gain. Apple Inc. (AAPL) provided leadership, once again opening at new highs after setting up nicely yesterday.
For more market and stock specific commentary, watch the Daily Recap from T3Live.com with Scott Redler below.
*DISCLOSURE: Scott Redler has no positions mentioned. John Darsie is long AAPL, SLB. JPM.
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