Today marks the end of the second FOMC meeting for 2013. Fed Days have been extremely positive for the market since ZIRP (zero interest rate policy) was enacted during those dark days of the financial crisis. So good in fact that more than 30% of the market's gains over this time period have come on Fed Days alone!
Since cutting rates down to zero back on 12/16/08, the Fed has been on auto-pilot for the last 33 meetings, and based on the performance of the S&P 500 over that time bulls don't seem to mind. On the day of the last 34 Fed meeting announcements, the S&P 500 has been up 22 times (65%) for an average gain of 0.63%. For all Fed meetings since 1994, the average S&P 500 change has been a gain of 0.38%.