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Dow Jones Industrial Average Midday: Index Rallies for QE3

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Verizon and AT&T are down following iPhone delays.

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MINYANVILLE ORIGINAL The Dow Jones Industrial Average (^DJI) is up 33.80 points, or .25%, to 13,573.66 as of 2:39 p.m. EDT. This sharp spike comes on the heels of the Fed's announcement of QE3, its unlimited bond-buying program. The planned stimulus is, not surprisingly, stimulating the market. Investors see this as a good time to buy risk-weighted assets.

Verizon (VZ) and AT&T (T) are both down following news that shipments of Apple's (AAPL) iPhone 5 will be delayed. Verizon is down 2.28% at 44.54. AT&T is down 2.54% to $37.27.

Home Depot (HD) is trading well at 2.16%, or $59.62. Investors are encouraged to buy mortgages with the support of QE3.

Pfizer (PFE) is down 1.86% to $23.81 after unveiling a new cloud-based technology for its supply system.

Bank of America (BAC) is up 1.63% to $9.58. QE3 can only render it more liquid.
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