Patti Domm is CNBC executive news editor, responsible for news coverage of the markets and economy. Prior to joining CNBC in 1999 as senior news editor, Domm was the equities editor for the Americas at Reuters. She was also Wall Street editor at Reuters, reporting on mergers, acquisitions and the Street. She also edited three CNBC books on personal investing. Domm serves on the board of the Financial Womens Association of New York.
As the quarter winds down, the temperature on Wall Street has warmed up quickly for stocks while investors chill on Treasurys.
Uncertainties about the Greek debt situation and the removal of the security blanket of Fed easing could combine for another week of volatility as the second quarter draws to an end.
Friday's market moves may not be as dramatic as Thursday's, but the same doubts could rattle investors going into the weekend.
Gasoline prices should drop more quickly now that governments are stepping in to pump up world oil supplies, but drivers are still unlikely to see last summer's levels below $3 a gallon.
In Thursday's trading, the market will focus on weekly jobless claims and fully digest the Fed news. But buckle up: With earnings season around the corner, some pros say it's going to be a bumpy ride.
The Fed is likely to cut its view of economic growth, making it more difficult for Fed Chairman Ben Bernanke to assure markets that the second half of 2011 will be better than the first half.
A critical midnight vote in Athens will keep markets tuned to the latest act in Greece's financial drama Tuesday.
While oil has fallen sharply since May, gasoline is down just about 10 percent and it is not likely to drop below $3 any time soon.
The risk to markets is that Fed Chair Janet Yellen simply sounds more ready than markets expect to raise rates.
Check out the companies making headlines after the bell on Thursday.
Shares of St. Jude Medical briefly fell more than 8 percent Thursday after Muddy Waters Capital announced the firm is short the stock.
Shares of two jewelers were on the move Thursday after reporting quarterly earnings.
Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.
A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.
Senior Producer - Breaking News
Dominic Chu is a markets reporter for CNBC.
Evelyn Cheng is a markets writer for CNBC.
Sara Eisen is a correspondent for CNBC, focusing on currencies and the global consumer.