The Federal Reserve news was a big market mover today as anticipated. The Fed announced that it would leave rates unchanged at least until their next meeting. This sent the markets screaming higher with the Dow 30 up 163, the S&P 500 up 23, and the Nasdaq 100 up 53. Tomorrows news includes Unemployment claims, and Existing home sales numbers.
FedEx (FDX ) blasted off to new 52 week highs early today (6.89%) as the shipping giant delivered a beat on both its top and bottom lines for the fiscal first quarter. The company also announced that revenue soared nearly 20% from a year ago. FedEx also raised its outlook for the year and sees a record holiday shipping season.
Adobe Systems (ADBE ) also traded up to and closed at a new 52-week high (7.12%). Most of the excitement happened before the open as the software firm behind Photoshop and Illustrator raised its guidance for the current quarter. They did this after reporting better than expected earnings and revenue for the fiscal third quarter. The results were driven largely by a big jump in subscription sales of cloud-based software tools.
Target (TGT ) enjoyed a nice 1.24% gain on the day after the buyback news this morning. The discount retail chain announced its will purchase $5 billion worth of its stock. Investors cheered the news and bid up the stock almost all day long.
Microsoft (MSFT ) added 1.67% today early in the day after the tech giant announced late yesterday that it's boosting its dividend by 8% to $0.39 a share. Its board also approved a share buyback program of up to $40 billion. Microsoft remains just off its 2016 highs.
