Stocks turned early losses into solid gains Thursday, extending Wednesday's advance that followed the Fed's monetary policy statement.
The Dow Jones industrial average led with a 0.9% rise, for a fifth straight up session. The S&P 500 added 0.7% and the Nasdaq composite climbed 0.2%. Volume was higher on both major exchanges vs. Wednesday, according to preliminary figures. Winners topped losers by a 4-to-1 margin on the NYSE and by more than 2-to-1 on the Nasdaq.
Air freight transporters, oil and metal-related stocks led the upside in the stock market today. FedEx (FDX) gapped up and soared 12% to a three-month high, reclaiming its 200-day moving average in fast trade. After the close Wednesday, the package delivery company reported fiscal Q3 results that topped view and raised the low end of its full-year earnings guidance.
Also in the air transport group, rival United Parcel Service (UPS) added 2% while Atlas Air Worldwide (AAWW) leapt 5%.
Adobe Systems (ADBE) rose 2% in above-average volume, clearing an 88.65 cup-with-handle buy point. After the close, the company reported fiscal Q1 results that beat views. Shares were up in extended trading.
Biggest IBD 50 gainers included New Oriental Education & Technology (EDU), up 8%, and Universal Display (OLED), up 5%. LendingTree (TREE) and TAL Education Group (XRS) rose 5% and 4%, respectively.
Internet retail, drug and medical issues lagged.
On the economic front, weekly jobless claims and the Philly Fed business outlook survey came in better than expected.
Data on tap for Friday include the consumer sentiment index for March and Baker Hughes' weekly North American rig count. The Fed's James Bullard, William Dudley and Eric Rosengren are all slated to speak.
