Fed holds rates steady, markets soar

The markets soared to close sharply higher with the Dow leaping 198 points to 17,779 as the Federal Reserve held interest rates steady. Nasdaq jumped 65 points to 5,095.

On the upside

Shares of Bank of America (NYSE: BAC) rose on expectations of an interest rate hike in December.

Apple (Nasdaq: AAPL) impressed with higher fourth quarter earnings and revenue that beat analyst expectations.

Boston Scientific (NYSE: BSX) reported a smaller than expected loss for the third quarter.

On the downside

Saia (Nasdaq: SAIA) disappointed with lower third quarter earnings that missed expectations by a wide margin.

Third quarter earnings dropped for Big 5 Sporting Goods (Nasdaq: BGFV) to fall short of expectations.

Shares of Intrepid Potash (NYSE: IPI) continued falling.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 surged 24 points to 2,090. Bitcoin rose $5 to $299.

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