US stocks closed higher overnight, investor confidence rising after Federal Reserve officials indicated that rates are likely to remain low for some time. However strength in the US dollar limited gains.
The Dow Jones Industrial Average rose 44 points to 10,291. The S&P500 Index added 6 at 1,099 and the NASDAQ gained 16 points to 2,167.
In company news: Shares in department store chain Macy’s Inc (NYSE:M) lost 8.08 per cent to $17.86. The company posted a loss for the third quarter that was narrower than expected, however Macy’s provided guidance for the fourth quarter that was below expectations.
Luxury home builder Toll Brothers Inc (ASX:TOL) advanced 16.42 per cent to $21.41. The company issued its guidance for revenue in the fourth quarter that was significantly higher than expected.
Shares in insurance company American International Group Inc (NYSE:AIG) fell 2.23 per cent to $36.75. According to a report in the Wall Street Journal, CEO Robert Benmosche has threatened to step down from head of the company because of government restraints.
Shares in maker of bakery products Flowers Foods Inc (NYSE:FLO) dropped 5.91 per cent to $22.45. The company posted earnings for the third quarter that met expectations, however sales came in below estimates. Flowers Foods also slashed its outlook for full year earnings and sales.
In the NASDAQ Top 100: Wynn Resorts was the best performer, advancing 3.82% to $66.54, Followed by Infosys Technologies and Nvidia. The worst performer was Priceline.com its shares down 3.63% to $196.80. Logitech International and Adobe Systems also closed lower on Wednesday.
