Stocks rebound on Fed plans to end bond purchases

News of Federal Reserve plans to end bond purchases was received by investors as a sign of economic strength. The Dow opened higher and finished the session at 16,985, up 78 points. Nasdaq climbed 27 points to close at 4,419.

On the upside

Shares of Pixelworks (Nasdaq: PXLW) rose sharply on renewed speculation that revenues attributed to an unnamed partner is likely to be Apple (Nasdaq: AAPL).

AeroVironment, Inc. (Nasdaq: AVAV) reported higher quarterly revenues and earnings for the drone manufacturer.

Mexican telecommunications giant America Movil (NYSE: AMX) announced plans to sell off assets to bring its market share below 50% in Mexico.

On the downside

Gigamon, (Nasdaq: GIMO), a provider of network traffic solutions lowered its guidance for the current quarter. Analysts promptly downgraded the stock.

Investors sold off on flooring retailer Lumber Liquidators (NYSE: LL) which lowered its 2004 revenue and earnings outlook.

Shares of TherapeuticsMD (Nasdaq: TXMD) gave up some of yesterday's gains following an upgrade from FBR Capital.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 3 on the NYSE and by nearly the same on Nasdaq. The broader S&P 500 rose 9 points to 1972. Bitcoin fell $2 to $619.

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