Major stock indices were up strongly in midday trading, on signs the Federal Reserve would act with caution on interest rates in early 2015.
The S&P 500 was up 1.7% to 2,047.90. The Dow Jones Industrial Average was up 1.7% to 17,654.93. The Nasdaq up 1.9% to 4,731.15.
The yield on a 10-year Treasury bond rose 2.5% to 2.2%.
The price of gold was flat at $1,195.
SERVICES
Santa Ana-based Ingram Micro Inc. was up 3.3% to $27.56 and a market cap of $4.3 billion. The stock is up about 6% this week as the company said it would expand its cloud-based services, and on two distribution agreements for products that include the new BlackBerry Classic smart phone.
TECHNOLOGY
Irvine-based Western Digital Corp was up 4.2% to $112.46 and a market cap of $26.1 billion in a second day of share price increases after a Citigroup Global Markets analyst raised his price target for the storage products maker from $110 to $125, citing a projected increase in hard drive sales this quarter and an improved business climate for Western Digital in China in 2015. Shares are up about 8% for the week.
