CLOSING BELL

Dow 10441.12  -10.88   Nasdaq 2206.91  +5.86   S&P 1109.18  +1.25

The stock market started the day off on the plus side helped by a weaker dollar but the gains faded after the Federal Reserve released their statement from the Federal Open Market Committee (FOMC).

The Federal Reserve had decided to hold interest rates at a record low and pledged to keep them there for an "extended period" to keep the recovery going and drive down double-digit unemployment. The Fed rate stands at 0.00%- 0.25%.

The Fed reported the economic activity is picking up and that the deterioration in the labor market is abating.  The Fed also said it expects to wind down some emergency lending programs when they are set to expire next year. 

Commodities remained strong. The CRB Commodity Index gained 1.6%, its best by percent in three weeks, and helped the materials sector outperform.

Energy stocks where strong today.  

They advanced 0.5% as oil prices closed 2.8% higher at $72.68 per barrel.

The November Consumer Price Index increased 0.4% month-over-month, which matched economist consensus.  The Core rate, which excluding food and energy, came in flat.  Economist had expected a 0.1% rise in the Core rate. Since the CPI data generally matched expectations, it didn't cause any meaningful stir in the broader market.


Homebuilders performed well today on data the home starts for the month of November matched estimates, coming in at 574,000 units.  Building permits came in at 584,000 which topped estimates.


Adobe Systems (ADBE) closed at 37.86 +1.50 (+4.10%) after reporting better than expected earnings and Best Buy Inc (BBY) 41.29 -0.24 (-.22%) also topped their earnings estimate but closed down for the day. 


Tomorrow morning, two economic reports are scheduled to be released before the open:  Initial claims (consensus 465K) and Continuing claims (5180K).


Nike (NKE) and Accenture (ACN) are scheduled to report their earnings.