S+P 500 mostly unchanged as Fed stays put

As we just noted in the previous update, the US Fed has kept their Fed funds rate on hold. Earlier this afternoon the S+P 500 had opened higher, at 7,735.56, following a close last night at 7,722.60. The index traded as high as 7,751.06 ahead of the European close, but was stepping back into the Fed decision, trading around 7,735. The immediate reaction did see the index shunt a little higher though

We know this index is heavily influenced by the price action in the Nasdaq 100 these days and as such not always a pure barometer of the impact of official monetary policy, where it was in the past. At the same time, this is the broadest measure of the US stock markets beyond the Nasdaq and the Dow Jones and as such that is why we focus on it here following this policy decision. 

We now have to wait and see what the Fed boss, Kevin Warsh has to say when he debriefs the press at 6.30pm GMT

The S+P 500 is actually now a smidge lower, currently trading at 7,730