Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+0.5%), and DJIA (+1.2%) are charting session highs just before the close as investors react to the outcome of today's FOMC decision. 

The small-cap Russell 2000 (+1.7%) surged higher in response to the decision to cut the federal funds rate by 25 basis points. 

In addition to small-cap names, homebuilder stocks are also sensitive to borrowing costs and have seen a nice move higher this afternoon. The iShares U.S. Homebuilders ETF holds a 3.3% gain, though significant losses in recent sessions keep it in modestly negative territory for the week. 

All told, today's FOMC happenings gave a nice boost to the stock market that has the major averages in modestly positive territory for the week after entering the session with modest losses.