US STOCKS-Wall St ends higher as Fed seen easing soon

* Fed discussed further money printing “before long”

* Oil drillers rise as deepwater ban lifted

* Intel shares rise after the bell, following results

* Dow up 0.1 pct, but S&P up 0.4 pct, Nasdaq up 0.7 pct
(Updates to close)

By Rodrigo Campos

NEW YORK, Oct 12 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) hit fresh 5-month
highs on Tuesday as details from the Fed’s latest meeting
showed the U.S. central bank may once again flood markets with
cheap cash “before long” to further boost growth.

The minutes from the Federal Reserve’s Sept. 21 meeting
served as another strong signal for a stock market that has
surged for weeks on rising hopes for more Fed action. The S&P
500 index is up 11.5 percent since the start of September.

“The (stocks) market should continue to be supported by
these positive comments from policy-makers over the next few
days,” said Zach Pandl, an economist at Nomura Securities
International in New York.

Shares of drilling contractors rose after the Obama
administration lifted its ban on deepwater drilling seven weeks
ahead of schedule.

U.S.-traded shares of Transocean Ltd climbed 4.7 percent to
$64.81 and Diamond Offshore gained 4 percent to $69.37. The
PHLX oil services sector index rose 1.7 percent.

Also on investors’ minds were results from Intel Corp,
posted after the closing bell. Its shares advanced 1.1 percent
to $19.77 during regular trading hours and rose another 1.7
percent after hours.

Apple, up 1.1 percent at $298.54, led the Nasdaq’s advance
after Barclays raised its price target on the company’s stock.

Technology stocks are at their cheapest in 20 years and the
weaker U.S. dollar will likely benefit the entire sector, said
hedge fund industry pioneer Lee Ainslie.

The Dow Jones industrial average gained 10.06 points, or
0.09 percent, to 11,020.40. The Standard & Poor’s 500 Index
rose 4.45 points, or 0.38 percent, to 1,169.77. The Nasdaq
Composite Index added 15.59 points, or 0.65 percent, to
2,417.92.

The expectation of more cheap cash helped lift bank stocks.
Bank of America rose 2.8 percent to $13.52 and the KBW bank
index gained 1.5 percent.

Shares of Pfizer Inc, the world’s largest drugmaker and a
Dow component, gained 0.5 percent to $17.47 after it agreed to
buy King Pharmaceuticals Inc for $3.6 billion. King Pharma
shares jumped 39.4 percent to $14.15.

The dollar index (Read more about the global trade. ), a gauge of the greenback against a basket
of currencies, erased its earlier gain and was down 0.16
percent at the close. Investors have of late used fluctuations
in the U.S. currency as a trigger to move into or out of
stocks. The 30-day correlation between the index and the S&P
500 ticked down to -0.90.

China’s bid to cool down its economy partly offset the
Fed’s resolve, as it sparked concerns it could crimp global
growth. An official Chinese newspaper reported the government
raised bank reserve requirements by 50 basis points, the fourth
hike this year, due to excessive lending.

The report confirmed a Reuters story on Monday.

About 7.3 billion shares traded on the New York Stock
Exchange, the American Stock Exchange and Nasdaq, just below
the 20-day moving average of about 7.47 billion.

Advancing stocks outnumbered declining ones on the NYSE by
a ratio of slightly more than 4-to-3, while on the Nasdaq,
three stocks rose for every two that fell.
(Reporting by Rodrigo Campos; Editing by Jan Paschal)

US STOCKS-Wall St ends higher as Fed seen easing soon