Wednesday's top economic news came from the Fed. The U.S. Federal Reserve released its policy meeting minutes from last month's meeting which outlined discussions on tightening their monetary policy once the economy shows further improvement. The news had little impact on the day's price action other than creating a more solid test of the 15 minute resistance.
The Dow Jones Industrial Average ($DJI) ended the day with a gain of 80.60 points, or 0.65%, and closed at 12,560.18 on Wednesday. Twenty-three of the Dow's thirty index components posted a gain. The top performers were Caterpillar (CAT) (+3.11%), Chevron (CVX) (+2.44%), DuPont (DD) (+1.89%), and Exxon Mobil (XOM) (+1.65%). The weakest performers were Hewlett-Packard (HPQ) (-1.14%), Bank of America (BAC) (-0.92%), and WalMart (WMT) (-0.65%).
The S&P 500 ($SPX) rose 11.70 points, or 0.88%, and closed at 1,340.68. The top percentage performers in the index on Wednesday were Analog Devices (ADI) (+5.89%), Dell (DELL) (+5.35%), Newfield Expl. (NFX) (+5.16%), and Interpublic Group (IPG) (+5.02%). Staples (SPLS) was a shocking disappointment and led the decliners with a loss of 15.37% after it reported disappointing same-store sales and a weaker-than-expected profit. Other top decliners included Aflac (AFL) (-6.31%), Hershey (HSY) (-2.80%), and Urban Outfitters (URBN) (-1.91%).