The Federal Open Market Committee began the first day of its two-day meeting at 1 p.m. EDT Tuesday.
The meeting will resume again on Wednesday (April 25th) and later issue a statement, followed by economic forecasts. Fed Chairman Ben Bernanke will hold a press conference around 2:15 p.m. EDT.
The Federal Reserve has implemented Zero interest rate policy in December 2008. Since December 2008 it has been noted that whenever FED meets market in general move higher that day. The average gain in S&P is around 0.75%. During the last two FOMC meeting market has even moved higher than 0.75% and close to 1% gain. Today after market hours AAPL posted blockbuster earnings and this would also help as a catalyst in moving the market up.