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The Federal Reserve opens its second policy meeting of the year Tuesday. On Wednesday, it will issue a policy statement and update its economic forecasts. Economists and investors don't expect the Fed to let up in its drive to keep stimulating the economy by keeping interest rates at historic lows. "The Fed has clearly been a big push in this market, no question," said Maury Fertig, chief investment officer at Relative Value Partners. "What the Fed has done has really helped the market recover....they're not going to pull away prematurely." Investors are increasingly putting more money to stocks, according to a Bank of America Merrill Lynch survey, published Tuesday. The survey of fund managers showed that 57 percent of investors favored allocating money to stocks, the highest percentage in more than two years. The yield on the 10-year Treasury note, which moves inversely to its price, fell to 1.91 percent from 1.96 percent. Among other stocks making big moves: Lululemon fell $2.19 to $63.73 after the company yanked its popular black yoga pants from store shelves after it found that the sheer material used was revealing too much of its loyal customers. Walgreen rose $2.14 to $44.59 after the drugstore chain said its fiscal second-quarter earnings climbed 11 percent, helped by contributions from European health and beauty retailer Alliance Boots, stronger sales and its new contract with Express Scripts Holding Co. Electronic Arts fell $1.65 to $17.05 after the video game maker said its adjusted revenue fell 28 percent to $1.18 billion for the last three months of 2012. The figure was below Wall Street's expectations of $1.29 billion. The company also said that its CEO, John Riccitiello, will step down on March 30.
The company also said Tuesday it is expanding its supply agreement with AmerisourceBergen through a deal that gives it and European health and beauty retailer Alliance Boots a minority stake in the pharmaceutical wholesaler. Amerisource rose $2.26 to $50.56.
[Associated
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