Mid-Afternoon Market Update: Dow Climbs 200 Points After Fed Rate Hike

Toward the end of trading Wednesday, the Dow traded up 1.16 percent to 17,728.06 while the NASDAQ climbed 1.33 percent to 5,061.53. The S&P also rose, gaining 1.30 percent to 2,069.97. Leading and Lagging Sectors On Wednesday, utilities shares surged by 1.65 percent. Top gainers in the sector included Genie Energy Ltd GNE, NextEra Energy Inc NEE, and TransAlta Corporation (USA) TAC. In trading on Wednesday, energy shares slipped by 0.1 percent. Meanwhile, top losers in the sector included Denbury Resources Inc. DNR, down 9 percent, and Bill Barrett Corporation BBG, down 8 percent. Top Headline Joy Global Inc. JOY reported better-than-expected earnings for its fourth quarter. However, the company issued a weak forecast for the fiscal year and lowered its quarterly dividend to a $0.01 per share Joy Global reported a quarterly loss of $1.32 billion, or $13.43 per share, versus a year-ago profit of $129.7 million, or $1.31 per share. Its adjusted earnings came in at $0.43 per share for the latest quarter. Its revenue slipped 24 percent to $853 million. However, analysts were expecting earnings of $042 per share on revenue of $791.14 Equities Trading UP Heartland Payment Systems, Inc. HPY shares shot up 11 percent to $94.27 after Global Payments Inc GPN agreed to acquire Heartland Payment Systems for $100.00 per share, or $4.3 billion. Shares of Array Biopharma Inc ARRY got a boost, shooting up 21 percent to $4.64 after the company reported that its Phase 3 binimetinib trial has met primary endpoint for NRAS-mutant melanoma. SolarCity Corp SCTY shares were also up, gaining 34 percent to $53.54. Roth Capital maintained SolarCity with a Buy and raised the price target from $55.00 to $65.00. Equities Trading DOWN RPX Corp RPXC shares tumbled 14 percent to $11.57 after the company agreed to acquire Inventus Solutions for $232 million in cash. Shares of Global Payments Inc GPN were down 10 percent to $64.50 after the company agreed to acquire Heartland Payment Systems, Inc. HPY for $100.00 per share, or $4.3 billion. Dover Corp DOV was down, falling 3 percent to $60.29 after the company lowered its earnings guidance for the year. Commodities In commodity news, oil traded down 3.53 percent to $36.03, while gold traded up 0.59 percent to $1,067.90. Silver traded up 2.94 percent Wednesday to $14.18, while copper rose 0.85 percent to $2.07. Eurozone European shares closed mostly higher today. The eurozone's STOXX 600 rose 0.24 percent, the Spanish Ibex Index slipped 0.01 percent, while Italy's FTSE MIB Index dropped 0.29 percent. Meanwhile, the German DAX climbed 0.18 percent, and the French CAC 40 jumped 0.22 percent, while U.K. shares rose 0.72 percent. Economics US housing starts climbed 10.5 percent to an annual rate of 1.173 million in November. However, economists were projecting a 1.14 million rate. US industrial production declined 0.6 percent in November, versus economists' expectations for a 0.1 percent drop. The flash reading of Markit manufacturing PMI slipped to 51.30 in December, versus a prior reading of 52.80. Economists were expecting a reading of 52.60. Crude supplies rose 4.8 million barrels for the week ended December 11, the U.S. Energy Information Administration said. Analysts were expecting supplies to drop by 2.5 million barrels. Gasoline supplies climbed 1.7 million barrels, while distillate stockpiles rose 2.6 million barrels last week. The Federal Reserve lifted its key borrowing rate by 0.25 percent to a range of 0.25 percent to 0.50 percent.