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Stocks storm back into the green

Stocks staged a comeback after falling immediately following the Federal Reserve's policy announcement on Wednesday afternoon.

Near 3:21 p.m. ET, the Dow was up 89 points, the S&P 500 was up 11 points, and the Nasdaq was up 31 points.

The FOMC concluded its two-day meeting today and left interest rates unchanged, as expected.

Screen Shot 2015 10 28 at 3.21.42 PM
Screen Shot 2015 10 28 at 3.21.42 PM

(Google Finance)

In economic data: The advance goods trade balance showed a big reversal in the trade deficit to a seven-month low of $58.6 billion.

Pantheon Macroeconomics' Ian Shepherdson wrote to clients, "We were always suspicious of the terrible August numbers, which showed exports plunging while imports surged, but even so this is a much better report than we expected, and it will lift forecasts for tomorrow's Q3 GDP number by about 0.4%."

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Apple shares rose about 2% in early trading, following yesterday evening's earnings results that beat forecasts on the top and bottom lines. IPhone and iPad unit sales were a bit light.

Twitter was down 9%, after the company reported slower-than-expected growth of active users on Tuesday.

Also yesterday, Walgreens Boots Alliance confirmed reports that it was buying Rite Aid. Walgreens will pay $9 per share in a deal that's valued at $17.2 billion, including debt.

In commodities, gold, silver, and oil prices were rallying. Gold climbed more than 1%, or about $16 an ounce, to as high as $1,182.50 — a two-week high.

West Texas Intermediate crude oil futures in New York rose more than 6% to as high as $45.88 per barrel.

fut_chart (6)
fut_chart (6)

(Finviz)
WTI

Meanwhile, natural gas was down about 3%, after tumbling below $2 per million British thermal units on Tuesday (a three-year low), following forecasts that this winter will be warmer than normal. It's good news for people with gas heating.

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