(MENAFN- ProactiveInvestors) U.S. stocks ended sharply higher Wednesday after the Fed said it can be patient on hiking interest rates following its last meeting of the year with the S&P 500 and the Dow scoring their biggest one day gain this year.
At the closing bell in New York the Dow Jones Industrial Average rose 288 points to 17357 while the Nasdaq added 96 points to 4644 and the S&P 500 closed up 40 points at 2013.
Chairwoman Janet Yellen said rates probably won't move for at least a couple of meetings meaning April at the earliest. The Fed chief said Fed policymakers thought it was "unlikely" the economy would show enough progress to justify the first rate increase before then.
Ahead of this the government released the November consumer price index which dropped a greater-than-expected 0.3% the biggest decline in six years as oil prices plunge. Excluding the food and energy components consumer prices rose 0.1% as expected.
Meanwhile oil prices rebounded today. U.S. crude in New York for January delivery settled 1% higher at $56.47 a barrel on bets a slide in prices to a five-year low was excessive and after data showed crude inventories declined.
European and Asian markets finished mixed today after non-OPEC member Russia indicated that it does not plan to cut output. Russia which has been under fire from lower oil prices and Western sanctions said it is starting to sell its foreign currency stock while saying the ruble is extremely undervalued.
In corporate activity () has halted online sales of its iPhones iPads and other products in Russia amid financial turmoil in the country triggered by the ruble's collapse.
() slumped more than 3.7% after reporting fiscal second quarter profit and revenue that missed expectations as lower fuel prices and pension expenses were somewhat offset by higher aircraft maintenance expenses.
Lions Gate () execs reportedly tried to meet with () CEO Kazuo Hirai last summer to discuss a possible merger or acquisition according to emails found in documents stolen by hackers said Reuters. Hirai declined the meeting although expressed an interest in possible cooperation on operational matters. Meanwhile the New York City premiere of 's "The Interview" which had been set for tomorrow night has been cancelled in the face of terror threats from hackers.
GE () offered conservative guidance for its fiscal year 2015 earnings yesterday in an investor presentation and said it expects revenue from its oil and gas business to fall predicting operating profit there to come in flat to negative 5%.
(NYSEMKT:APP) has finally terminated founder Dov Charney's employment after the CEO was ousted in June but was allowed to return as a paid consultant. The company has named fashion industry vet Paula Schneider as its new CEO effective Jan 5. Shares surged 19% Wednesday.
Baidu () has confirmed its investment in Uber with the two companies saying they would collaborate to expand Uber's presence in China. Details of the stake were not disclosed.
Before the Fed release hit at 2 p.m. February gold had settled slightly higher but under $1200—up $0.2 to $1194.50 an ounce halting a five-day losing run.
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