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The combination between the Fed announcement, meant to help the economy, and the Moody's downgrade pulled financial stocks, especially the major banks, lower for the day. Bank of America and Morgan Stanley were among the biggest losers with MS hitting a new 52-week low.

The Hong Kong market fell sharply after insurance giant China Life reported a large decline in profits and Moody's downgraded Japan's debt.

A 2% gap down triggered fears of another quick correction as talk of a Greek default grew louder, but the market held in all day before surging sharply higher into the close.

Given the strength of the recent two-week move, it is not surprising or unhealthy to see small corrections like the selling that occurred yesterday, which was on light volume.