Stocks pushed to new session highs Wednesday after Federal Reserve Chairman Ben Bernanke reaffirmed the central bank's stimulus policy. Earlier, a strong pending home sales report also boosted equities.
The Nasdaq and the S&P 500 sprinted 1.1% each while the Dow Jones industrial average rose 1%. But volume was tracking sharply lower on both major exchanges in the stock market today.
LinkedIn (LNKD) gapped up and rallied 7% to an all-time high on analyst actions. Evercore Partners upped the stock's price target to $200 from 100, and Wunderlich Securities started coverage with a buy rating. The stock is well extended past a 116.97 buy point initially cleared Dec. 26. LinkedIn has been a solid performer since gapping up on news Feb. 8.
Flower Foods (FLO) cut earlier losses and jumped 6% to a record high in heavy trading. Reuters and other media outlets reported that the food maker has won a bid to buy a number of bread brands from bankrupt Hostess for $360 million. Flower Foods cleared a 24.14 buy point from a cup-with-handle base in December.
JB Hunt Transport Services (JBHT) motored nearly 6% to an all-time high after Avondale Partners raised shares to market outperform from market perform. Avondale also raised the stock's price target to $80 from $60. The lift puts it 16% past an 60.77 buy point in a flat base.
Papa John's International (PZZA) was off its session low, but still down 8% in huge turnover. Late Tuesday's news of the pizza chain having to restate financial statements sent shares sliding as much as 12% intraday.
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