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.

These actions are obviously great news for American banks. Bank of America (NYSE:BAC) jumped 3.5% on the news, JPMorgan Chase (NYSE:JPM) added 1.5%, and American Express (NYSE:AXP) took a 2% leap.

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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