Click for more market data. NEW YORK (CNNMoney)
The Dow Jones industrial average, the S&P 500 and the Nasdaq were all modestly lower in late morning trading with the Dow down about 0.2%.
The muted trading comes after Fed Chair Janet Yellen signaled that the central bank has no plans to raise interest rates anytime soon. That news sent stocks soaring. The S&P 500 closed at a record high of 1,957 while the Dow Jones industrial average jumped almost 100 points to its fourth highest close in history. The Nasdaq finished at its highest level in 14 years.
Yellen gold bounce: Yellen said the Fed is optimistic about the future of the American economy, but it isn't planning to raise interest rates in 2014.
Related: Fed says job market is getting a bit better
The outlook for continued easy monetary policy helped offset a number of simmering geopolitical concerns. Oil prices were down slightly even as Iraqi forces battle insurgents for control of the petrostate's main refinery.
But the gold market was sending a different signal. Gold futures gained 2% to trade at $1,298 per ounce, the highest level since mid-May. Investors who believe Fed policy will undermine the dollar view gold as an alternative currency.
Stock movers -- American Apparel, Amazon, BlackBerry: Meanwhile, shares in American Apparel (APP) rose after the company announced overnight that it fired its controversial CEO, though it didn't say why. Its shares, which topped $15 as recently as 2007, now trade for less than $1. Sources told the New York Post that the move could set the stage for American Apparel to be sold.
BlackBerry (BBRY, Tech30) is back from the dead...again. The ailing smartphone pioneer reported a smaller-than-expected loss, sending its stock up 13%. BlackBerry stock is up 24% so far this month, bouncing back from a rough patch during April and May.
Related: Meow! BlackBerry has more lives than a cat
Elsewhere in the smartphone space, Amazon (AMZN, Tech30) shares edged lower after the online retailer unveiled the Fire Phone, a high-end, 3-D smartphone. It is the first smartphone Amazon has produced on its own.
Facebook (FB, Tech30) suffered an outage that prevented users posting to the social media site "for a brief period of time." (Gasp!)The stock fell nearly 1%.
Related: CNNMoney's Tech 30 Index up today and year to date
Kroger (KR) shares jumped over 5% after the grocery store chain reported strong results and boosted its outlook. The stock hit an all-time high over $50.
Drug store chain Rite Aid (RAD) said net income fell in the latest quarter, sending its shares down slightly in early trading.
Markit IPO today: Markit (MRKT), which provides information on bonds and derivatives for traders and is considered a rival of sorts to Bloomberg, said late Wednesday that it had raised $1.3 billion in an initial public offering. The stock, which was priced at $24 a share, gained more than 10% after it began trading on the Nasdaq.
Related: Fear & Greed Index still extremely greedy
Good day for Europe: European markets were all rising in midday trading, getting a boost from the Fed news. Spain's IBEX index gained more than 1%, making it one of the top performers in Europe. But that may be cold comfort for a nation in mourning. The Spanish national team was eliminated Wednesday from the World Cup after a surprisingly poor performance.
Asian markets were mixed.
First Published: June 19, 2014: 10:02 AM ET
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