Stock Market Update

[BRIEFING.COM] Stocks are now mixed this afternoon in the wake of the FOMC's decision to leave the Fed Funds target range unchanged.

The decision has been particularly beneficial to mega-cap and other growth stocks, as a friendlier policy outlook tends to support mega-cap growth stocks by boosting valuations and improving investor appetite for long-duration growth assets.

The Vanguard Mega Cap Growth ETF is now 0.8% higher after holding a loss wider than 1.0% earlier in the session.

That enthusiasm has even spread into the semiconductor space, with the PHLX Semiconductor Index now down just 0.9% after holding a loss that approached 5% early this afternoon. The information technology sector (+0.5%) sits in positive territory for the first time since the open as a result.