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Fed To Maintain Low Rates, Markets Soar

The markets closed higher with the Dow gaining 89 points to 13,090 after the Federal Reserve affirmed its commitment to maintaining record low interest rates until at least late 2014. Nasdaq jumped 68 points to 3029.

On the upside

Unisys (NYSE: UIS) swung to a greater than expected profit for the first quarter as revenue rose.

First quarter earnings more than doubled for Aflac (NYSE: AFL) to top analyst estimates as revenue climbed.

Dana Holding (NYSE: DAN) reversed year ago losses to post a better than expected first quarter profit.

On the downside

Caterpillar (NYSE: CAT) reported higher first quarter earnings but revenue fell short of analyst expectations.

The Minnesota attorney general reported that Accretive Health (NYSE: AH) pressured patients while they were still in the hospital to pre-pay for services and to repay past debt.

Fibria (NYSE: FBR) priced its offering of 86 million common shares at $8.43 per American Depository Share.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks surfed 14 points to 812.

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