Dow34258.32+338.48(1.00%)Nasdaq14896.84+150.45(1.02%)SP 5004395.64+41.45(0.95%)10-yr Note +1/321.314NYSEAdv 2608 Dec 648 Vol 875.6 mlnNasdaqAdv 2848 Dec 1237 Vol 4.2 bln Industry Watch Strong: Energy, Financials, Information TechnologyWeak: Communication Services, Utilities Moving the Market -- Large-cap indices rise 1.0%, even as Fed leans less dovish -- Fed Chair Powell hints at tapering in November and ending by middle of 2022 -- Evergrande says it reached private deal to settle one of its debt payments due Thursday Market ends up with decent gains, even as Fed leans less dovishDow +338.48 at 34258.32, Nasdaq +150.45 at 14896.84, S&P +41.45 at 4395.64 [BRIEFING.COM] The S&P 500 (+1.0%), Dow Jones Industrial Average (+1.0%), and Nasdaq Composite (+1.0%) each closed higher by 1.0% on Wednesday, as investors digested some less-dovish Fed news reasonably well. The Russell 2000 outperformed with a 1.5% gain. Six of the 11 S&P 500 sectors rose at least 1.0%, including the energy sector (+3.2%) with a 3% gain and the information technology sector (+1.4%) with an influential 1.4% gain. The utilities (-0.1%) and communication services (-0.01%) sectors were the only sectors that closed lower. Most of these gains were registered before the FOMC statement was released at 2:00 p.m. ET amid easing Evergrande concerns and dovish-oriented expectations for the Fed. The FOMC left the target range for the fed funds rate unchanged at 0.00-0.25% and said tapering the rate of asset purchases may soon be warranted if progress on the economy continues broadly as expected. Interestingly, the Fed's median estimate for a rate hike moved up to 2022, versus a prior median estimate of no change through 2022. Fed Chair Powell suggested that a decent September employment report would be enough for him to think tapering could start in November, which would then conclude around the middle of next year. Separately, Mr. Powell relegated Evergrande to a China-specific issue and urged Congress to raise the debt ceiling to avoid risking severe damage to the economy and financial markets. Aside from the interest-rate projection, and acknowledging that inflation pressures could remain elevated longer than anticipated, there weren't that many big surprises today. There was the typical post-FOMC volatility, but the market seemed to appreciate the guidance from the Fed chair regarding a taper timeline. Shorter-dated Treasuries saw increased selling pressure following the policy directive. The 2-yr yield increased three basis points to 0.24% while the 10-yr yield increased one basis point to 1.34%. The U.S. Dollar Index increased 0.3% to 93.43. WTI crude futures increased 2.5%, or $1.75, to $72.26/BBL. In the corporate space, Facebook ($FB 343.21, -14.27, -4.0%), Adobe ($ADBE 626.08, -19.81, -3.1%), and FedEx ($FDX 229.08, -22.99, -9.1%) were notable laggards today. Facebook commented on IOS-related headwinds and said it's been underreporting ad performance by about 15% for web conversions on IOS due to privacy changes. Adobe fell despite beating EPS estimates and issuing upside Q4 guidance. FedEx missed EPS estimates and lowered its FY22 EPS guidance. Reviewing Wednesday's economic data: Existing home sales decreased 2.0% m/m in August to a seasonally adjusted annual rate of 5.88 million (Briefing.com consensus 5.86 million) from an upwardly revised 6.00 million (from 5.99 million) in July. Total sales in August were down 1.5% from a year ago.In economic data:The key takeaway from the report is that the supply of existing homes for sale is tight, particularly at more affordable price points. That is driving up the pace of price increases well beyond the pace of income growth, which is creating affordability pressures for prospective buyers and crimping overall sales activity.The weekly MBA Mortgage Applications Index rose 4.9% following a 0.3% increase in the prior week. Looking ahead, investors will receive weekly Initial and Continuing Claims, the Conference Board's Leading Economic Index for August, and the preliminary Markit Manufacturing/Services PMIs for September on Thursday. S&P 500 +17.0% YTDNasdaq Composite +15.6% YTDDow Jones Industrial Average +11.9% YTDRussell 2000 +12.3% YTDSource: (Briefing.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. .