3:05 pm : The S&P 500 trades lower by 1.0% as Chairman Bernanke continues addressing the media.

The Dollar Index spiked to session highs just below 81.40 as traders rushed into the greenback following today's FOMC decision, which indicated there are no immediate plans to slow down the pace of asset purchases. The sharp gains in the Dollar Index allowed it to regain its 200-day moving average near 81.10.

Much of today's dollar strength has come at the expense of the euro and the Japanese yen. Euro/dollar is lower by 105 pips near 1.3280 as action continues near session lows. The selling has erased two days of gains and has traders eyeing the 1.3200 support level.

Elsewhere, dollar/yen is higher by 100 pips near 96.60 as trade gains for a third day. Today's bid puts the pair on track to close at its best level in more than a week with the 100-day moving average coming into play in the 96.80 area.DJ30 -141.81 NASDAQ -27.78 SP500 -14.86 NASDAQ Adv/Vol/Dec 728/1.23 bln/1728 NYSE Adv/Vol/Dec 564/434.4 mln/2449

2:30 pm : The S&P 500 and Dow continue to hold slim post-FOMC losses while the Nasdaq has returned to its earlier levels. In addition, the Dollar Index remains near its highs just above 81.10.

Today's FOMC statement was not much different from the last directive released on May 1. However, today's statement indicates inflation has been running below the longer-run objective while long-term inflation expectations remain stable.

The Fed will remain in focus for the remainder of the afternoon as Chairman Bernanke will begin his press conference momentarily.DJ30 -46.61 NASDAQ -6.97 SP500 -4.77 NASDAQ Adv/Vol/Dec 923/1.03 bln/1504 NYSE Adv/Vol/Dec 893/347.8 mln/2091

2:57PM Fresh lows across the board -- Dow -135, S&P -14.4, Nasdaq Comp -22.5 (SPY) :  

2:55PM New lows Housing / REITs -- ITB, XHB, IYR (TECHX) :  

2:53PM July crude oil slips to new LoD of $97.89; now down 0.4% at $98.04 (COMDX) :