Benzinga
Published May 01, 2024 19:32
Updated May 01, 2024 20:40
Dow Jumps 200 Points Following Fed Decision; Pfizer Earnings Top Estimates
Benzinga - by Avi Kapoor, Benzinga Staff Writer.
U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining over 200 points on Wednesday. The Federal Reserve opted to keep the federal funds rate unchanged at 5.25% to 5.5%, as widely expected.
The Dow traded up 0.55% to 38,022.21 while the NASDAQ rose 0.19% to 15,687.08. The S&P 500 also rose, gaining, 0.08% to 5,039.51.
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Leading and Lagging Sectors
Utilities shares rose by 1.2% on Wednesday.
In trading on Wednesday, energy shares fell by 1.6%.
Top Headline
Pfizer Inc. (NYSE:PFE) reported better-than-expected first-quarter financial results.
Pfizer reported first-quarter adjusted EPS of 82 cents, down 33% year over year, beating the consensus of 54 cents. The U.S. drugmaker reported sales of $14.9 billion, down 20%, beating the consensus of $14.2 billion.
The company expects adjusted EPS of $2.15-$2.35 in 2024 compared with a prior forecast of $2.05 to $2.25 and the consensus of $2.76.
Equities Trading UP
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Commodities
In commodity news, oil traded down 3.3% to $79.23 while gold traded up 0.5% at $2,315.00.
Silver traded up 0.4% to $26.755 on Wednesday, while copper fell 0.4% to $4.5470.
Euro zone
European shares were lower today. The eurozone's STOXX 600 slipped 0.11%, while London's FTSE 100 fell 0.28%.
The S&P Global UK manufacturing PMI was revised higher to 49.1 in April from a preliminary reading of 48.7, while Nationwide House Price Index increased 0.6% year-over-year in April.
Asia Pacific Markets
Asian markets closed mostly lower on Wednesday, with Japan's Nikkei 225 falling 0.34%.
Japan's au Jibun Bank manufacturing PMI was revised lower to 49.6 in April compared to preliminary reading of 49.9.
Economics
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