Stocks Soar on Fed Outlook

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– National

Stocks soared Tuesday on news that Federal Reserve policymakers believed their run of interest rate hikes is likely nearing an end, propelling the Dow Jones industrials up nearly 200 points. The report helped offset the effects of oil prices that passed $71 a barrel.


According to preliminary calculations, the Dow Jones industrial average gained 194.99, or 1.76 percent, to 11,268.77. Broader stock indicators also advanced. The Standard & Poor’s 500 index rose 22.32, or 1.74 percent, to 1,307.65, and the Nasdaq composite index rose 44.98, or 1.95 percent, to 2,356.14.


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– Local


Among top local movers was Mossimo Inc., which jumped 8 percent to $8.50 the day after Cherokee Inc. made a $135 million bid for the company, several million more than an offer from another company. East West Bank Inc. gained 7 percent to $39.71 after analyst Joseph K Morford at RBC Capital Markets raised his recommendation on the stock to “outperform” from “sector perform” with a $43 price target. Semtech Corp. rose 6 percent to $18.50 after Morgan Keegan analyst Harsh Kumar upgraded shares to “outperform” from “market perform.”


True Religion Apparal Inc. took a 6 percent plunge to $17.27 late in the day after a negative story by MarketWatch columnist Herb Greenberg. The company earlier had enjoyed a boost after an upgrade from “buy” from “hold” by analyst Jeff Mintz at Wedbush Morgan Securities. Bell Industries Inc. was down 6.8 percent to $2.45, and HealthNet Inc. lost 4 percent to close ast $43.25.

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