The Dow Jones Industrial Index (DJINDICES:^DJI) jumped 0.9% when the Fed committed to buying $40 billion of mortgage debt a month until the job market bounces back. Federal interest rates will stay at today's record-level lows until at least 2015.
But the Fed's action goes far beyond just lifting the burden of troubled mortgage loans off the bankers' shoulders. Twenty-nine of the 30 Dow components are trading in positive territory today as I write this. That's a rare show of broad market health.
The lone laggard? Boeing (NYSE:BA) fell ever so slightly, trading down a modest 0.1% at the moment. The defense and aerospace giant is staring down a proposed merger between European rivals BAE Systems and European Aeronautic, Defence & Space. If approved, that deal would create a huge competitor that could leverage sheer economies of scale into fresh pressure on Boeing's largest contracts around the world.
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Fool contributor Anders Bylund holds no position in any of the companies mentioned. Check out Anders' holdings and bio, or follow him on Twitter and Google+. The Motley Fool owns shares of Bank of America and JPMorgan Chase. Motley Fool newsletter services have recommended writing a covered strangle position in American Express. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinion, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.