Market Wrap: Fed 'Prepared to Do More'; CAT Misses, Falls; Apple Drives Nasdaq Higher

Market wrap-up for April 25th

End of the Day: Dow Jones up 89.2 to 13,090.72; Nasdaq up 68.0 to 3,029.63; S&P 500 up 18.7 to 1,390.69

The following is a brief summary of events moving markets today:

• "You're welcome." - Apple: According to market data, the Nasdaq had its best day of 2012 on Wednesday. The move was largely attributed to Apple (Nasdaq: AAPL), which lifted the index following strong Q2 results issued Tuesday night. Apple itself had its best day since November 2008, closing 8.9 percent higher on the session.
  
  
• Rates remain at "giggles and smiles" levels: The Fed kept rates low, at zero to 0.25 percent, according to the latest FOMC statement. the Fed suggested "that the economy has been expanding moderately. Labor market conditions have improved in recent months; the unemployment rate has declined but remains elevated. Household spending and business fixed investment have continued to advance. Despite some signs of improvement, the housing sector remains depressed. Inflation has picked up somewhat, mainly reflecting higher prices of crude oil and gasoline. However, longer-term inflation expectations have remained stable."
  
  For more from the statement, click here.
  
  At the following press conference, Be Bernanke said "we remained prepared to do more."
  
  
• Top-line miss causes industrial-sized fall: Industrial bellwether Caterpillar (NYSE: CAT) moved lower following its first-quarter numbers. EPS was $2.37 on revs of $15.98 billion, versus views calling for EPS of $2.12 and revs of $16.22 billion. Shares ended just over 4.5 percent lower.
  
  The company reaffirmed its fiscal 2012 sales guidance of $68 billion to $72 billion and lifted its EPS guidance from about $9.25 previously to $9.50. For more on the report, click here.
  
  
• Watson Pharmaceuticals (NYSE: WPI) and Actavis Group announced Watson has entered into a definitive agreement to acquire privately held Actavis for an upfront payment of €4.25 billion. As a result of this acquisition, Watson will become the third largest global generics company with 2012 anticipated pro forma revenue of approximately $8 billion.
  
  The merger was originally mulled in reports Monday. For more color, click here.
  
  
• It's splits-ville for Coke...well, its stock, anyway: The Board of Directors of The Coca-Cola Company (NYSE: KO) voted to recommend a two-for-one stock split to shareowners. The split would be the 11th in the stock’s 92-year history and the first in 16 years.

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