Markets jumped Wednesday after minutes from the Federal Reserve’s latest meeting eased concerns of a tightening of monetary policy. The Down Jones Industrial average gained 1.05 percent, while the S&P 500 Index gained 1.02 percent. "Most participants revised down their GDP projections, which means they will want to stay accomodative. There are concerns about low inflation among Fed officials. Current PCE at about 1.5% is below the Fed’s target 2% rate. This would mean rates will stay low for longer. And even when the rates are raised it will be done in a slow and measured way, without any shocks," said ING U.S. Investment Management’s chief investment strategist, Doug Cote.
Bank of America Corp. (NYSE: BAC) shares traded in the range of $16.34 to $16.63 Wednesday before settling to close at $16.34, an increase of 1.09 percent. The stock appears to be facing some resistance at the $16.84 and $17.26 levels with some support at $16.32 and $15.89. Shares of Bank of America are up approximately 7.0 percent year-to-date.
More information on Bank of America and access to the free equity report can be found at:
www.WallStreetFundamentals.com/BAC
Facebook Inc. (NASDAQ: FB) shares traded in the range of $59.19 to $62.46 Wednesday before settling to close at $62.41, an increase of 7.25 percent. The stock appears to be facing some resistance at the $65.02 and $66.96 levels with some support at $59.92 and $54.90. Shares of Facebook have gained approximately 14.0 percent year-to-date.
More information on Facebook and access to the free equity report can be found at:
www.WallStreetFundamentals.com/FB
Nokia Corporation (NYSE: NOK) shares traded in the range of $7.62 to $7.84 Wednesday before settling to close at $7.81, an increase of 3.03 percent. The stock appears to be facing some resistance at the $7.97 and $8.10 levels with some support at $7.71 and $7.66. Shares of Nokia are down approximately 4.0 percent year-to-date.
More information on Nokia and access to the free equity report can be found at:
www.WallStreetFundamentals.com/NOK
Sirius XM Holdings Inc. (NASDAQ: SIRI) shares traded in the range of $3.08 to $3.16 Wednesday before settling to close at $3.14, an increase of 2.45 percent. The stock appears to be facing some resistance at the $3.14, $3.21 and $3.30 levels. Shares of Sirius XM Holdings have fallen approximately 10.0 percent year-to-date.
More information on Sirius XM Holdings and access to the free equity report can be found at:
www.WallStreetFundamentals.com/SIRI
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