"Today was all about the Fed, as we saw the typical Fed-day volatility," observed Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "After a big initial dip, the market did bounce some into the close. Overall, the Fed didn't do much that wasn't expected, as they left asset purchases at $85 billion a month. The subsequent price action looked like a 'sell the news' type of move. The big question is, will it continue?" As a result, the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) closed in the red, although both still managed to tag record intraday highs.
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The Dow Jones Industrial Average (DJI - 15,618.76) moved higher out of the gate -- tagging an all-time intraday high of 15,721.00 in the process -- but faltered later in the day, particularly after the latest Fed remarks. The blue-chip bellwether ended up closing 61.6 points, or 0.4%, lower. General Electric Company (NYSE:GE) led the Dow's five advancers with a gain of 0.6%, while The Procter & Gamble Company (NYSE:PG), Verizon Communications Inc. (NYSE:VZ), and International Business Machines Corp. (NYSE:IBM) paced the 25 laggards with declines of 1.1% each.
The S&P 500 Index (SPX - 1,763.31) followed a similar path, touching a record intraday peak of 1,775.22 within the first few minutes of the session. By the end, however, the index shed 8.6 points, or 0.5%. Meanwhile, the Nasdaq Composite (COMP - 3,930.62) fell 21.7 points, or 0.6%.
Elsewhere, the CBOE Volatility Index (VIX - 13.65) worked its way higher in early trading, but quickly pared most of its gains, finishing just 0.2 point, or 1.8%, higher for the day.
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