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  1. Fed sets off fireworks

    Stocks were up early yesterday and drifted even higher in early afternoon trading, but we had some fireworks after the FOMC rate hike and policy statement were announced. Initially stocks went even higher after the rate hike. The S&P filled an overhead gap and the Dow was up over 110-points at the highs, but then it all came tumbling down. Depending on the index the losses weren't too bad, but the decline from top to bottom yesterday was fairly dramatic.

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