Wall Street Sees Santa Rally, HP and Micron Show Gains

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Wall Street reacted quickly and positively this afternoon as the Federal Reserve said the U.S. economy was growing moderately. Additionally, the world's central banks decided to lower the cost of borrowing, sending the New York Stock Exchange jumping as much as 400 points, the best performance since early August.

As of midday, Hewlett-Packard had gained nearly 92 cents a share, a 3.4 percent bump, to $27.82. Earlier in the day, HPQ traded as high as $28. Micron was also showing robust growth, gaining nearly 4 percent to $5.86 a share on the NASDAQ exchange. Earlier in the day, Micron flirted with $6 a share.

"All we needed was a Santa rally," said Randy Frederick, director of trading for Charles Schwab.

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