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Minyanville's T3 Daily Recap: Markets Climb as Apple Holds Strong


The Fed remained dovish and gold sold off hard.

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The Nasdaq (^IXIC) jumped 2.3% Wednesday, thanks to its largest component, Apple (AAPL). The consumer tech giant surged 8.9% after reporting another stellar quarter of earnings growth, holding above most of its overnight gap. The S&P 500 (^GSPC) also performed well, gaining 1.4%, while the Dow (^DJI) rose 0.7%.

The two big events traders were watching this week were Apple's earnings and the Fed rate decision. Both turned out well for the market. Apple didn't disappoint after setting the bar high last quarter, and the Fed seems to be easing into more QE friendly language, although such a program does not seem imminent. The US central bank cut growth targets, and at his now-regular post-decision press conference, Chairman Bernanke said that rates would likely stay exceptionally low until 2014 and the FOMC stands ready to grow its balance sheet if conditions deteriorate.

Gold (GLD) initially sold off hard on the lack of strong QE3 talk in the Fed's opening statements and rate decision, but reversed hard to finish the day narrowly positive. Gold often reacts to expectations regarding world central banks, and its reaction today is perhaps an indication that investors believe further monetary policy action could come at some point this year. All eyes will be on Europe to potentially make the first move as borrowing costs in Spain rise sharply.

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DISCLOSURES: Scott Redler is long BAC, CF. Short SPY.
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