BAIDU INC ADS (BIDU) 409.74 $13.51 (3.41%) 09:09PM (15 mins delay)

Encouraging Words from Fed Keep Market Afloat

Jun 24, 2009 - 11:43 PM EDT

Andy Wang submits:

Stocks hopped out of the gate this morning, cheering better-than-expected report on durable goods. But, just before the Fed announced its decision on rates, the market became unstable. The Fed kept rates unchanged, between 0 and 0.25, and said that inflation is contained. As usual, the market was very volatile immediately after the Fed's statements were released. In the end, most sectors were able to retain some gains.

Chinese internet stocks were very strong today. [[SNDA]] led the charge, jumping almost +12%! [[SOHU]] followed with a +3.89% win. [[BIDU]] gained the most "points", up $10.51. [[NTES]] hopped +7.79%. [[SINA]] was up +3.13%.

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Source: Seeking Alpha (Jun 24, 2009 - 11:43 PM EDT)