Fed Boosts Stocks for Second Day

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& #8226; National

Stocks rose moderately for a second day on Wednesday, following the Federal Reserve’s signal that it may be nearing the end of its streak of short-term interest rate hikes.


The Dow Jones Industrial Average rose 32.74, or 0.3 percent, to 10,880.15. The S & P; 500 gained 4.66, or 0.4 percent, to 1,273.46. The Nasdaq Composite Index jumped 19.72, or 0.9 percent, to 2,263.46.


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& #8226; Local


Local movers were led by J2 Global Communications Inc., which rose 4.8 percent to $45.87, and International Rectifier Corp., which gained 5.8 percent to $34.95. On the down side, Reinhold Industries Inc. slipped 15 percent to $12.46 and Digital Insight Corp. fell 3.5 percent to $34.16.


Shares of California Pizza Kitchen Inc. fell 0.5 percent to $32.72 after the casual dining restaurant operator’s stock rating was downgraded to “buy” from “aggressive buy” by KeyBanc Capital Markets. The 12-month price target was set at $38 per share.


Reliance Steel & Aluminum Co. slipped 0.2 percent to $62.90 after the L.A.-based metals services company said it purchased the rest of its subsidiary American Steel LLC that it did not already own, buying the remaining 49.5 percent stake from American Industries Inc. Terms were not disclosed.

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