The US markets rocketed higher on Wednesday afternoon after the Federal Reserve released its much awaited statement regarding its quantitative easing efforts. The bond buying program is to continue at the current level of $85 billion per month until further evidence is seen that the progress of the economic recovery is sustained.
In corporate news, FedEx (NYSE:FDX) reported fiscal first quarter earnings of $489 million, or $1.53 per share, as revenue climbed by 2% to just over $11 billion. The company topped Wall Street estimates for both the top and bottom line, pushing shares higher today. And General Mills (NYSE:GIS) reported fiscal first quarter earnings of $459.3 million, or 70 cents per share, as revenue rose by 8% to $4.37 billion. Earnings in the quarter were in line with Wall Street estimates, while revenue narrowly topped the consensus.
On the earnings calendar today, the big report will come from Oracle (NYSE:ORCL) after the markets close today. And tomorrow morning, investors will have reports from ConAgra Foods (NYSE:CAG) and Rite Aid (NYSE:RAD).
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