US shares close higher after Federal Reserve statement
- 29 July 2015
- From the section Business
(Close): US shares closed higher on Wednesday after good earnings reports and the latest interest rate assessment from the US central bank.
The Federal Reserve indicated it was more positive about the US economy, but gave no clear indication on when rates would rise.
The Dow Jones closed up 114 points to 17,630.
"We started off on the right foot and we didn't get anything negative from the Fed," said Michael James, managing director for equity trading at Wedbush Securities.
Northrop Grumman rose 6% after it reported better than expected earnings and raised its outlook for the year.
On the downside, Twitter shares closed down 14.5% following an honest assessment of its difficulty attracting new users in its earnings call after the market close on Tuesday.
Consumer review website Yelp shares were another overnight casualty, losing a whacking 25% after results came in way below hopes. Its chairman also said he was leaving to pursue other interests.