"Today was all about the Fed," said Schaeffer's Senior Equity Analyst Joe Bell, CMT. "In a somewhat shocking move for the market, the Federal Reserve made its highly anticipated policy announcement, and decided not to begin tapering at this time. The markets reacted quite favorably, as the Dow Jones Industrial Average (DJI) jumped more than 200 points from its intraday lows." As a result, the index tagged a new record high.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 15,676.94) was parked in negative territory this morning -- and for the first half of the afternoon, as well -- before rallying to an all-time intraday peak of 15,709.58 around 3 p.m. By the closing bell, the index was up 147.2 points, or 1% -- notching a new record closing high. Once again, Alcoa (NYSE:AA) led the 29 advancing blue-chips with a gain of 3.6%, while UnitedHealth (NYSE:UNH) -- the sole decliner -- lost 1.7%.
The S&P 500 Index (SPX - 1,725.52) experienced a few brief blips higher this morning, but like the Dow, spent a considerable amount of time in the red. Following the Fed news, however, the SPX touched a record intraday peak of 1,729.44, and finished with a gain of 20.8 points, or 1.2% -- again, marking an all-time closing high. Meanwhile, the Nasdaq Composite (COMP - 3,783.64) climbed 37.9 points, or 1%, finishing at its highest level in nearly 13 years.
Conversely, the CBOE Market Volatility Index (VIX - 13.59) took a tumble after the FOMC update, shedding 0.9 point, or 6.5%, by day's end.
A Trader's Take:
"With today's rally, most of the major indexes broke out to new all-time highs, and the scary pullback in August is now nothing but a blip in the rearview mirror," mused Bell.
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