The S&P 500 edged higher on Wednesday to cap a four-day losing streak, buoyed by gains in Apple shares and after the Federal Reserve kept U.S. interest rates unchanged, as expected. Bobbi Rebell reports.
Stocks snapped a four day losing streak. The major U.S. indexes closing higher on Wednesday lifted by gains in Apple a day after reporting strong iPhone sales. Markets also encouraged that the Fed left rates unchanged after its first policy meeting of the year. Mercadien Asset Management's Ken Kamen: SOUNDBITE: KEN KAMEN, PRESIDENT, MERCADIEN ASSET MANAGEMENT (ENGLISH) SAYING "We are seeing the economy fire on a lot more cylinders than it had been. We just saw the jobs number today with the ADP report. There is consumer sentiment and this phrase everyone keeps talking about "animal spirits" I don't know what that really means but it certainly feels like people are more optimistic about the business climate." After the closing bell Facebook reporting higher-than-expected quarterly profit and revenue. The world's largest social network is benefitting from an aggressive push into mobiles and video. Auto sales downshifting modestly from year ago levels in January though results were better than analysts expected. Shares of both General Motors and Ford were lower in Wednesday trading. Amazon.com plans to spend $1.5 billion to build a centralized air cargo hub to support its fleet of Prime Air cargo planes in northern Kentucky. The company says it will create more than 2,000 jobs. Turning to Europe: solid corporate earnings helped move the indexes higher