Trading was quiet with many investors out on vacation.

Stocks surged Wednesday, lifting the Dow Jones industrial average nearly 300 points, after the Fed decided it was time to start modestly scaling back its program to boost America's growth and stock market.

The Nasdaq Composite is up 35 percent this year.

Stocks were slightly lower in early trading Tuesday as investors continued to worry about the Federal Reserve winding down its economic stimulus program and weak consumer spending in the United States.

The stock market is adrift a week after setting a record.