from various sources

Stocks rise on Cisco, financials

NEW YORK (Reuters) - Stocks shot up on Wednesday on technology bellwether Cisco Systems Inc.’s (CSCO.O) stronger-than-expected profit while investors snapped up beaten down financial company shares.

The Nasdaq composite index (.IXIC) rose more than 2 percent, led by Cisco, the world’s largest maker of computer networking equipment. Nasdaq was on track for its biggest three-day percentage advance in a year.

Sprint profit beats Street

NEW YORK (Reuters) - Sprint Nextel Corp (S.N) posted a quarterly profit on Wednesday that beat Wall Street forecasts, but its shares turned lower after the No. 3 U.S. mobile phone service said customer cancellations could hurt current quarter growth.

Shares of Sprint fell 35 cents, or 1.7 percent, to $19.87 on the New York Stock Exchange after rising as much as 3 percent earlier in the day. The stock has risen about 14 percent since January in anticipation of growth improvements.

Ford sees 2009 profit, deal with UAW

TRAVERSE CITY, Michigan (Reuters) - Ford Motor Co. (F.N) Chief Executive Alan Mulally said on Wednesday the No. 2 U.S. automaker was on track to return to profitability in 2009 despite a forecast for weaker industrywide U.S. sales this year.

Mulally, speaking to reporters on the sidelines of an industry conference, also said he was “cautiously optimistic” about reaching a deal on wages and benefits with the United Auto Workers union.

Fed again leaves key rate unchanged

WASHINGTON - The Federal Reserve left a key short-term interest rate unchanged Tuesday at 5.25%, acknowledging tighter credit conditions and growing volatility in financial markets but reiterating that inflation is the main economic threat.

A statement by the policymaking Federal Open Market Committee gave little hint the central bank would budge on interest rates soon, despite mortgage, stock and bond market turmoil that has led to tougher credit terms. It acknowledged that “downside risks to growth have increased somewhat” but still predicted modest expansion.