Stocks Gain on Employment Optimism, Fed Anticipation

The Dow, S&P 500, and NASDAQ were 1.3%, 1.2%, and 0.9% higher at midday, respectively, with the Dow sporting a triple digit gain.

Stocks on the Move
 Comcast  beat expectations with a 22.5% increase in third-quarter earnings. Comcast's negotiations with  General Electric to take a majority stake in NBC Universal are reportedly in the home stretch, but Comcast stayed mum on the deal in their earning report. Shares traded 0.8% lower at midday.

Media giant  Time Warner  also topped expectations, despite third-quarter earnings falling 38% on further weakness in publishing. The company raised its full-year earnings view and said it still expects to spin off AOL as a separate, publicly-traded company by the end of the year. Time Warner shares were also 0.8% lower.

 Garmin's third-quarter profit rose 26% on improved margins, which offset a moderate decline in revenue. Shares fell 11%. Recent reports that Google will introduce free navigation systems for mobile phones have rocked Garmin's stock.

 Liz Claiborne's third-quarter loss widened, but the company's results provided glimmers of hope despite falling short of analysts' expectations. Same store sales growth showed improvement, and the company predicted its namesake line would return to profitability in 2010. Shares gained 11% on the positive outlook.

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Foreign Markets
Overseas markets posted gains ahead of the Fed statement. Asian stocks were helped by positive sentiment from the World Bank raising its forecast for economic growth in developing east Asia, while retailers and insurers bolstered London's FTSE 100. The Shanghai Composite, Nikkei 225, and  Hang Seng  ended 0.5%, 0.4%, and 1.8% higher, respectively. The FTSE 100 and Paris CAC gained 1.3% and 2.4%.