The stock market hasn't done much on Fed days in recent history. But when the market does move, it usually goes up after a Fed announcement.
On a day stocks gyrated in response to Federal Reserve announcements, Bed Bath & Beyond fell sharply on earnings, and Alnylam Pharmaceuticals soared on a successful drug trial.
Shares of U.S. banks shot to a six-month high on Wednesday afternoon, lifted by a sharp rise in bond yields after the U.S. Federal Reserve signaled it was likely to raise interest rates again by the end of the year. Amid an otherwise modest equity market response to the Fed's latest policy announcement, the move up in bank stocks stood out and tracked closely a climb in yields on U.S. Treasury securities. The Fed, as widely expected, left interest rates unchanged at the conclusion of its latest two-day policy meeting and announced an October start date for the process of winding down its $4.2 trillion portfolio of bonds.