Mid-Afternoon Market Update: FOMC Leaves Rates Unchanged, Markets Rally

Midway through trading Wednesday, the Dow traded up 0.58 percent to 14,539.26 while the NASDAQ gained 0.82 percent to 3,255.26. The S&P also rose, climbing 0.79 percent to 1,560.47. Index Technicals:
The Dow looks set to find support at 14,440 and will test its 14,410 support, while encountering resistance at the 14,522 level. The S&P 500 seems to be finding support at 1,550, with overhead resistance at 1,560. The NASDAQ briefly loses its 3,320 support after a gap down, before rising up with 3,250 resistance overhead. Finally, the Russell looks set to find support at 945, while hitting resistance at the 951 level. Top Headline
FedEx FDX reported a weaker-than-expected third-quarter profit. FedEx's quarterly net income dropped 31% to $361 million, or $1.13 per share. Excluding items, it earned $1.23 per share. Its revenue climbed 4% to $11.0 billion. However, analysts were expecting earnings of $1.38 per share on revenue of $10.85 billion. FedEx expects Q4 adjusted earnings of $1.90 to $2.10 per share, versus analysts' estimates of $2.07 per share. Equities Trading UP
Cobalt International Energy CIE shot up 8.10 percent to $27.88 after the company reported extraordinary results from its Shenandoah #2R appraisal well. Shares of Research In Motion BBRY got a boost, shooting up 8.45 percent to $16.30 after Morgan Stanley upgraded the stock from “underweight” to “overweight.” Williams-Sonoma WSM was also up, gaining a staggering 11.15 percent to $50.25 after reporting strong fourth quarter results. Equities Trading DOWN
Zynga ZNGA shares tumbled 4.32 percent to $3.32 after Bank of America downgraded the stock from “buy” to “neutral.” Cintas CTAS was also down, falling 7.14 percent to $42.65 after the company reported weak FQ3 earnings. Shares of FedEx FDX were down 6.42 percent to $99. after the company reported a weaker-than-expected third-quarter profit. Commodities
In commodity news, oil traded up 0.59 percent to $92.70, while gold traded down 0.30 percent to $1,606.50. Silver traded down 0.29 percent Wednesday to $28.82, while copper rose 1.25 percent to $3.44. Eurozone
European shares were mostly higher for the first day this week on relaxed fears over Cyprus as it appears that Russia will in the end extend the nation a larger loan to prevent the bank levy tax from being implemented. U.K. employment fell less than expected in February, with the total claimant count falling 1.5 thousand jobs on expectations of a five thousand jobs drop. Average weekly earnings rose 1.2 percent and the unemployment rate was in line at 7.8 percent. German producer prices fell 0.1 percent in February on expectations of a 0.2 percent rise, putting pressure on the ECB to act to counter deflationary pressures. The Spanish Ibex Index jumped 0.62 percent and the Italian FTSE MIB Index surged 1.70 percent. The STOXX Europe 600 Index gained 0.16 percent, London's FTSE 100 Index fell 0.22 percent, French CAC 40 Index climbed 1.28 percent and German DAX 30 index gained 0.46 percent. Economics
Applications for US home mortgages dropped 7.1% in the latest week ended March 15, according to the Mortgage Bankers Association. However, the index of refinancing applications fell 8%. Crude supplies declined 1.3 million barrels for the week ended March 15, the Energy Information Administration said. However, analysts were expecting a 2 million-barrel rise. The FOMC will announce its policy decision at 2:00 p.m. ET, while Fed Chairman Ben Bernanke is scheduled to speak in a press conference at 2:30 p.m. ET.