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Below we highlight the actions of the Fed and the S&P 500's performance around Fed days since Greenspan began hiking rates back in June 2004. Since then, the Fed Funds Rate has gone from 1% to 5.25% and back down to the 2.25% level that it's at today (with many expecting another 25 bps cut). On these days, the S&P 500 has been up 17 times and down 15 times for a median gain of 0.32%. March 18th was the third best day for the market on a Fed day since 1990, but the best when eliminating inter-meeting Fed days.

Source: Fed Days Throughout the Most Recent Hiking and Easing Cycles