The S&P and Dow rose to record closing highs after the Fed surprisingly refrained from QE taper, saying it will "await more evidence that progress will be sustained before adjusting the pace of its purchases."
But how long can the gains last? Fed inaction could easily be perceived as an admission that the economy is fundamentally weak.
All key S&P sectors closed in positive territory, propelled by utilities, which have underperformed amid expectations of the Fed starting to end its bond buys.
Home builders rallied sharply following the Fed news, with KB Home and Ryland each surging more than 5%.