The Fed announced a taper and stocks are spiking.

The Dow is up 275 points and the S&P 500 is up 28 points.

Gold is basically unchanged and bonds are now higher, with the yield on the 10-year at 2.89% (up 5 basis points from yesterday's close).

The Fed will taper its asset purchasing program to a monthly rate of $75 billion from the current $85 billion pace, the FOMC just announced.

Click here for our full breakdown of the Fed's surprise decision »

See Also:

FED UNEXPECTEDLY TAPERSMorgan Stanley Has The Most Creative Fed Prediction We've Seen YetFINANCE PROFESSOR: Bitcoin Will Crash To $10 By Mid-2014

SEE ALSO: Bernanke Explains The Fed's Surprise Decision