Stock Market Today: Stocks Pop Then Drop After Fed Meeting

Stocks went on a roller-coaster ride after Fed Chair Powell said interest rates were likely at a sufficiently restrictive level.

Federal Reserve Chair Jerome Powell speaking at podium after FOMC meeting on May 1
(Image credit: Chip Somodevilla/Getty Images)

Stocks were mixed in the lead-up to this afternoon's policy announcement from the Fed as investors mulled over several earnings and economic reports. But the main indexes made a beeline higher after Federal Reserve Chair Jerome Powell said he doesn't expect any additional rate hikes.  

The earnings calendar was jam-packed with a number of high-profile companies, including e-commerce giant Amazon.com (AMZN). The company's first-quarter results did not disappoint, with AMZN reporting higher-than-expected earnings and revenue thanks to 17% sales growth in its Amazon Web Services (AWS) cloud segment.

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Karee Venema
Senior Investing Editor, Kiplinger.com

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.