Some resistance towards the end of the session set in (see chart), and profit taking pulled the indexes off their day’s highs.
The Fed commented that inflation is not a problem at this time since the economy is still bottoming from the recession. For the first time, the Fed also did not say that the economy is contracting, but referred to economic activity as leveling out.
Investors took that as a sign that interest rates are to stay at current levels for some time to come, most likely until next year.
Nevertheless, the major indexes have had a tremendous run, and I would expect more volatility along with some pullback become part of future market activity.