Stocks hit fresh multi-year highs Wednesday on strong earnings from Oracle and news that the Federal Reserve once again left interest rates unchanged.
Better than expected results and guidance from Oracle sent that company’s shares 11% higher, pacing technology gains, while the broader market shook off modestly hawkish comments from the Fed to close solidly higher.
At the close, the Dow stood just 109 points from its all-time closing high of 11,722 set in January 2000. The S&P 500 also hit a fresh 5 1/2-year high.
Jabil and Eclipsys
gained on contract wins.
Microchip lost 3% after lowering guidance.
VA Software and Salesforce.com
gained on upgrades.
The Nasdaq surged 30 to 2252, the S&P 500 rose 7 to 1325, and the Dow gained 72 to 11,613. Volume rose to 2.47 billion shares on the NYSE, and 2.22 billion on the Nasdaq. Advancers led 21-11 on the NYSE, and 19-11 on the Nasdaq. Upside volume was 63% on the NYSE, and 76% on the Nasdaq. New highs-new lows were 199-47 on the NYSE, and 132-49 on the Nasdaq.