Stocks gain as Fed reveals balance sheet plan

Stocks (^DJI, ^GSPC, ^IXICgain ground as investors parse the Fed’s plan to unwind its $4.5 trillion balance sheet. Catch The Final Round at 4 p.m. with Jen Rogers and Yahoo Finance Editor-in-Chief Andy Serwer.

Winners and losers

Stocks ending the day in the red include luxury retailer Tiffany after missing on revenue and same-store sales; Signet Jewelers on a downgrade to neutral at Buckingham, citing heavy mall exposure; and Advance Auto Parts, with shares slipping as the auto parts retailer missed on earnings, revenue and margins.

Meanwhile stocks in the green include financial software company Intuit after posting a beat on its top and bottom lines; US Steel on an upgrade to outperform at Credit Suisse, and The Container Store. Shares of the storage products retailer soaring after reporting earnings that were almost double Street expectations.

Looking ahead

Here’s what will be making headlines tomorrow:

  • It’s a big day for retailers, with earnings reports from Best Buy, Abercrombie, Sears and Costco.

  • OPEC countries are meeting in Vienna to discuss oil supply. Traders are anticipating an extension of OPEC’s production cuts announced last year.

  • And Mark Zuckerberg is getting a Harvard degree—that’s after dropping out 12 years ago. The Facebook CEO is delivering Harvard’s commencement address tomorrow and nabbing an honorary degree in the process. We will have the speech live, Thursday at 3:25 PM Eastern, right here on Yahoo Finance.

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