It was a choppy day of action, but stocks held up well as they digested the last Fed interest rate policy. The market has become rather unconcerned about the Fed recently, as Chairman Jerome Powell has made it very clear that it will stay accommodative and will likely keep interest rates low for years. The Fed has unlimited buying power and the market has a constant bid for that reason.
The indexes finished the day mixed on even breadth, but what was most notable was that over 800 stocks were hitting new 12-month highs. The pockets of momentum continue and quite a few stocks moved up more than 20%. Bitcoin -- as seen with Grayscale Bitcoin Trust (GBTC) -- helped to fan the flames of speculation with a big move. Groups like cannabis continued to attract interest.
There was choppy trading in many stocks, but underlying bids are staying strong and the dip buyers are ready to jump in on minor pullbacks. There is some nervousness about the market being extended and frothy, but it clears up fast with some minor pullbacks.
The much-anticipated fiscal stimulus bill is still up in the air, but some possible details are leaking out. That is probably helping to provide support, but you have to wonder if it will produce a "sell the news" reaction if they finally get it done.
Have a good evening. I'll see you tomorrow.