An unsurprising Fed meeting helped stocks retain gains up until a sudden reversal just a half hour before the end of the session. The central bank opted to leave rates unchanged in June as Wall Street expected. Fed Chair Janet Yellen expressed confidence in the U.S. economy, reiterating her belief in growth at a moderate pace. Yellen noted first-quarter weakness appeared temporary and that the Fed would stick to its plan to gradually increase rates. FireEye (FEYE) spiked on reports it had received and rejected a number of takeover offers from the likes of Cisco (CSCO) and IBM (IBM) . Shares climbed earlier in the week after Symantec (SYMC) bought fellow security tech developer Blue Coat. Macy's (M) workers at New York City locations could go on strike if a labor agreement is not struck by midnight. A strike would be the first for Macy's in NYC in more than four decades.
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Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.