Stocks Step Up

Wednesday’s session ended with gains. Bank of America led advancers on the Dow. Stocks recovered some of Tuesday’s losses amid a variety of economic news. The Federal Reserve issued comments from the latest FOMC meeting. Leaving interest rates unchanged at the 0% to 0.25% range, the Fed noted stronger growth and improved household spending, although labor and housing markets remain weak. Policymakers also reduced their growth outlook, forecasting 2012 economic growth of between 2.5% and 2.9%, compared with previous estimates for expansion between 3.3% and 3.7%. In other news, crude oil added 32 cents to settle at $92.51 a barrel. Qualcomm reported earnings data after the closing bell. The mobile-phone chip titan said fourth-quarter net income hit $1.06 billion, or 62 cents a share, up from $865 million, or 53 cents, a year ago. 

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