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The Dow Jones Industrial Average turned negative after the announcement, closing lower for the second day in a row. It lost 66 points, or half of a percent, ending at 11955.
Meridian Equity Partners' economist Stephen Guilfoyle points out in emailed commentary Wednesday morning that the Fed "leaves the door open to a third round of quantitative easing in the first half of 2012, possibly the first quarter...Making this even more likely is the fact that the rotation of voting members of the FOMC changes in 2013 into a more dovish crowd."
But investors aren't too optimistic Wednesday morning. Futures are set to lower open on Wall Street as of 7am ET.
Asian stocks closed mostly lower Wednesday, with Japan's Nikkei 225 ending at its lowest level in two weeks.
Despite market turmoil this week, a dozen companies are slated to go public. That would be the most IPOs in one week since 2007. The headline companies are apparel designer Michael Kors and social media gamer Zynga.
Zynga is the leading social game developer for Facebook. It plans to raise $925 million by offering 100 million shares at a price range of $8.50 to $10.00, valuing the company at $8.3 billion, according to IPO website www.renaissancecapital.com. It will trade under the symbol ZNGA and follow in the footsteps of other tech IPOs this year, including Groupon, LinkedIn, and Pandora.
Kors is looking to sell more than 41 million shares between $17 and $19 each to give the luxury retailer a market value of $3.7 billion. Kors will list on the NYSE later this week under the symbol KORS, and it will compete with other public companies like Coach (NYSE:COH) and Ralph Lauren (NYSE: RL).
After-Christmas shopping is a growing trend. A survey by consulting firm Deloitte finds that six percent of the 5,000 shoppers asked say they are waiting until after the holidays to do their shopping. That's when deals can be as high as 75% off.
Retail research firm ShopperTrak finds that retail sales in the seven days after Christmas rose year over year in three of the past five years.
Online spending is seeing a surge, too. Online spending last year popped 22% on December 26th and 56% on Dec. 27 from the year earlier, according to data from IBM.