Stock Market Today: Stocks Post-Fed Pop Reverses After Powell Takes the Mic

Stocks spent most of the day lower as investors awaited the conclusion of the Federal Reserve's two-day policy meeting, but enjoyed a short-lived burst higher after the central bank issued its fourth straight 75 basis point rate hike (a basis point equals 0.01%). 

What sparked that brief turnaround was dovish language in the Fed's statement that said the central bank will consider "the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments." In other words, the Fed could cut back on the scale of its future rate hikes if data confirms inflation is easing.