Last week, investors enjoyed the announcement and subsequent afterglow of the U.S. Federal Reserve's much-anticipated third round of quantitative easing. Chairman Ben Bernanke has kept QE3 open-ended, meaning the Fed will continue to buy various securities to push rates lower and hopefully spur investment. While this may not get the economy jump-started, given the uniqueness of the crisis, at least the Fed has stopped sitting on its hands and is doing what it can -- with limited ammunition left.

Today, all three major indexes are catching their breath. After topping multiyear highs, the Dow Jones Industrial Average (INDEX: ^DJI) down 38 points, or 0.3%, with the S&P 500 (INDEX: ^GSPC) pacing it with a 0.3% slide. The Nasdaq is seeing todays biggest decline -- more than 0.4%. With a lack of market-moving economic data other than a troubling manufacturing report from the NY Fed, today's action is largely nothing more than light profit-taking. The small declines today are not an end to the larger market rally.

On the Dow, the profit-taking from last week can be seen in full effect. Two of the largest decliners are Bank of America (NYSE: BAC) and Alcoa (NYSE: AA), down 2.2% and 1.9%, respectively. Both stocks have seen strong 8% gains over the past week and directly benefit from the Fed's aggressive monetary policies.

Off the Dow, all eyes are on Apple (Nasdaq: AAPL). The world's largest publicly traded company does nothing but get bigger: It's less than $5 away from hitting $700 per share, and its $653 billion market cap is now 50% greater than second-place finisher ExxonMobil. The iPhone 5 release is poised to be the largest consumer product launch ever, and the company received more than 2 million online orders in the first day. The company has generally done a good job minimizing shortages, but it is already signaling that demand for the highly anticipated smartphone is outstripping supply.

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David Williamson holds no position in any company mentioned. Click hereto see his holdings and a short bio. The Motley Fool owns shares of ExxonMobil, Apple, and Bank of America. Motley Fool newsletter services have recommended buying shares of Apple. Motley Fool newsletter services have recommended creating a bull call spread position in Apple. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, 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.