Just yesterday, markets celebrated the latest quarter-point cut from the Federal Reserve, which lowered rates to a range of 3.5% to 3.75%. With that, the S&P 500 closed up at 6,886. The SPDR S&P 500 ETF ( SPY) closed at $687.57. The central bank also announced that it would again purchase short-term bonds, thereby driving down short-term yields. It also removed language that the labor market "remained low."