Fed Dooms Dow Jones Industrial Average Win Streak

The Dow Jones Industrial Average (DJIA) flirted with positive territory around midday, even hitting another all-time high, but stocks fell sharply following the Fed's policy decision and forecast. Specifically, the Federal Open Market Committee (FOMC) unanimously voted to increase the federal funds rate by a quarter-point, and now forecasts three rate hikes for 2017. In her post-meeting press conference, Fed Chair Janet Yellen admitted Donald Trump's election win impacted the central bank's calculations, while adding, "all the FOMC participants recognize that there is considerable uncertainty about how economic policies may change, and what effect they will have on the economy." As such, yields on the 2-year Treasury note rose to their highest point since 2009, gold futures fell to 10-month lows in after-hours trading, and the Dow snapped its seven-session win streak, putting its weekly win streak in danger, as well. 

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

• 3 bank stocks flying under the radar, even as bulls bombard this financial ETF. 
• Breaking down our winning General Motors Company (NYSE:GM) options bet. 
• What sent this biotech soaring 50%, and the trio of negative catalysts that weighed on Valeant Pharmaceuticals Intl Inc (NYSE:VRX).  
• Plus... The "viable acquisition target" in the cloud space, the bullish case for this industrial stock, and the tech-bubble record the Dow's looking to break. 
  

The Dow Jones Industrial Average (DJIA - 19,792.53) gave back 118.7 points, or 0.6%, but not before notching an intraday record of 19,966.43. Just six Dow components ended above breakeven, with Goldman Sachs Group Inc's (NYSE:GS) 0.6% gain leading the way. Caterpillar Inc. (NYSE:CAT) paced the 23 losers with a 2.4% drop, while Apple Inc. (NASDAQ:AAPL) closed flat. 

The S&P 500 Index (SPX - 2,253.28) dropped 18.4 points, or 0.8%, and the Nasdaq Composite (COMP - 5,436.67) lost 27.2 points, or 0.5%. 

The CBOE Volatility Index (VIX - 13.19) gained 0.5 point, or 3.7%. 

5 Items on Our Radar Today

1. Amazon.com, Inc. (NASDAQ:AMZN) announced it has completed its first official commercial drone delivery. The company is calling the service Amazon Prime Air, and the first delivery was to a man in the U.K. who ordered a Fire TV and a bag of popcorn. (Bloomberg)
2. President-elect Donald Trump today met with top U.S. tech executives at Trump Tower in New York to discuss the economy and job creation. Tesla Motors Inc (NASDAQ:TSLA) CEO Elon Musk and AMZN CEO Jeff Bezos were among those who attended.  (USA Today)
3. Is this cloud stock really a "viable acquisition target"?
4. The bullish case for underloved industrial stock Nordson Corporation (NASDAQ:NDSN).
5. The tech-bubble record the Dow is trying to break. 

Data courtesy of Trade-Alert

Commodities:

Oil prices dipped for the first time in five days today, as a soaring dollar trumped a decline in weekly crude inventories. January-dated crude futures lost $1.94, or 3.7%, to close at $51.04 per barrel. 

Gold prices actually rose ahead of today's Fed policy decision. At the close, gold futures dated for February were up $4.70, or 0.4%, at $1,163.70 per ounce. In after-hours trading, however, gold futures fell into the red, back near 10-month lows.