CLOSING BELL

Dow 10761.03  +7.41,  Nasdaq 2349.35  -6.48, S&P 1139.78  -2.93 

Stocks finished the day mixed after the release of the latest FOMC rate decision.

Stocks failed to sustain their session highs today after hitting resistance.  Even better than expected housing numbers and the Feds ongoing support for the economy was enough to keep stocks at the day’s highs.

Housing start came in at 598,000 and building permits for August came in at 569,000.  Economists were looking for 550,000 and 560,000 respectively.  This helped construction materials stocks which were up +3.1% for the day.

It was no surprise the Fed kept the Fed Funds rate unchanged at 0.0% - 0.25%.  In their policy statement the Fed again said that current economic conditions, including low rates of resource utilization, inflation trends, and stable inflation expectations, were likely to warrant exceptionally low interest rates for an extended period. This news allowed stocks to rally.

Advancing Sectors: Telecom +0.3%, Industrials +0.2%, Health Care +0.1%
Declining Sectors: Financials -1.0%, Utilities -0.5%, Consumer Discretionary -0.4%, Materials -0.4%, Energy -0.1%, Tech -0.1%, Consumer Staples -0.1%