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Snapshot: Earnings, China’s calm lift stocks

Stocks rose after Federal Reserve policy makers voted to keep interest rates unchanged and gave no indication a rate hike was imminent. The Fed signaled it wants to see further economic gains and higher inflation before raising rates. A modest rebound in Chinese stocks also helped push the US market higher. Bond investors seemed to agree the Fed was in no rush; bonds rose, with the 10-year Treasury note trading at a yield of 2.27 percent, versus nearly 2.30 percent before the Fed’s statement. A strong batch of corporate earnings also helped. Gilead Sciences rose 2.3 percent; its profits jumped 23 percent from a year ago, helped by its new hepatitis C medicine Harvoni. It also raised its 2015 forecasts. Northrop Grumman led defense companies higher after it posted a stronger-than-expected profit and raised its outlook. The stock jumped 6.2 percent, its biggest one-day gain in at least five years. The price of oil rose after the government reported a drop in inventories and production. Benchmark US crude rose 81 cents to $48.79 a barrel; Brent crude, a benchmark for international oils used by many US refineries, rose 8 cents to $53.38 in London.