Fed Fuels 163-Point Pop for Dow Jones Industrial Average, New Nasdaq High

Despite dipping into the red at midday, the Dow Jones Industrial Average (DJIA) swung to a 163-point win, thanks to the latest policy decision from the Fed. Though three members dissented -- the most since December 2014 -- the Federal Open Market Committee (FOMC) kept interest rates unchanged. Moreover, in a subsequent press conference, Fed Chair Janet Yellen said today's decision "does not reflect a lack of confidence in the economy," and suggested that a rate hike was likely by year's end. Rising oil prices and a new direction for the Bank of Japan (BoJ) added to the bullish bias, helping the Dow secure a second straight win, while boosting the Nasdaq Composite (COMP) to a record high. 

Continue reading for more on today's market, including:

• The downbeat outlooks that slammed Netflix, Inc. (NASDAQ:NFLX) and Walt Disney Co (NYSE:DIS). 
• While this "undervalued" retailer soared, M&A buzz boosted Harley-Davidson Inc (NYSE:HOG). 
• 3 reasons J.P Morgan Securities is bearish on Wells Fargo & Co (NYSE:WFC).
• Plus...  Alphabet launches Allo, Buffett plays it safe, and Mylan's action-packed day. 
  

The Dow Jones Industrial Average (DJIA - 18,293.70) closed with a 163.7-point, or 0.9%, gain. Only three of 30 Dow components closed in the red, with Procter & Gamble Co (NYSE:PG) suffering the biggest setback, at 0.9%. Leading the 27 winners was Boeing Co (NYSE:BA), adding 2.2%. 

The S&P 500 Index (SPX - 2,163.12) picked up 23.4 points, or 1.1%. The Nasdaq Composite (COMP - 5,295.18) jumped 53.8 points, or 1%, for its best close on record. 

The CBOE Volatility Index (VIX - 13.30) lost 2.6 points, or 16.5%. 

5 Items on Our Radar Today

1. Google parent Alphabet Inc (NASDAQ:GOOGL) today launched Allo, a messaging app that incorporates its search engine and artificial intelligence. The app is powered by a Siri-like virtual assistant, which is supposed to "learn" and improve over time -- and compete with Facebook Inc (NASDAQ:FB). (Reuters)
2. As Wells Fargo deals with its recent scandal, its largest shareholder is remaining quiet. Specifically, Warren Buffett said he would stay mum on this matter -- as well as the election "or any other subject" -- until November, as it "will lead down too many paths." (FOX Business)
3. What today's Fed's decision could mean for stocks going forward.
4. Why options traders are betting against this auto retailer ahead of earnings. 
5. Breaking down Mylan NV's (NASDAQ:MYL) action-packed day. 

Data courtesy of Trade-Alert

Commodities:

A surprise drop in U.S. crude inventories pushed oil prices higher. Crude oil dated for November picked up $1.29, or 2.9%, to end at $45.34 per barrel. 

Gold prices moved higher, too, marking a third straight day of gains as the U.S. dollar weakened. By the close, gold set for December delivery was up $13.20, or 1%, at $1,331.40 an ounce.