Fed Expected To Stay Course, Markets Surge

The markets surged to close sharply higher with the Dow leaping 138 points to 15,318 as investors gained confidence that the Federal Reserve would continue its economic stimulus measures. Nasdaq climbed 30 points to 3482.

On the upside

Shares of La-Z-Boy (NYSE: LZB) climbed ahead of its earnings release after market close.

Seeking Alpha named Millenial Media (NYSE: MM) as one of three small cap data mining companies with strong earnings growth potential.

Cowen expects Rackspace Hosting (NYSE: RAX) to secure Fidelity as an OpenStack solution client.

On the downside

Profit taking weighed down shares of Orchard Supply Hardware (Nasdaq: OSH).

Shares of Yamana Gold (NYSE: AUY) and AngloGold Ashanti (NYSE: AU) fell as gold prices dropped.

Investors locked in profits on CardioNet (Nasdaq: BEAT).

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 index gained 12 points to 1651.

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