The Lowdown
Stocks and many exchange-traded funds notched small gains Tuesday after the Federal Reserve said it would leave the benchmark interest rate at a record low.

The Dow Jones Industrial Average ended up 44 points at 10686. The S&P 500 finished up 9 at 1159, and the Nasdaq picked up 16 at 2378.

The Fed held the federal funds rate at 0.00% to 0.25% and echoed its promise to keep rates low for an "extended period."

"With substantial resource slack continuing to restrain cost pressures and longer-term inflation expectations stable, inflation is likely to be subdued for some time," the Fed wrote in its statement.

The session began with promising economic data. Investors were relieved to see U.S. import prices last month post their first monthly drop since July and reducing the specter of inflationary pressures.

With the recent strength in the dollar, "people were worried the import prices would begin to move higher and that would be another catalyst for the Fed to possibly raise rates sooner, or at least signal raising rates sooner to counter inflation, but we clearly didn't get that," said Burt White, chief investment officer at LPL Financial.

Separately, the Commerce Department said housing starts decreased 5.9% to a seasonally adjusted 575,000 annual rate compared to the prior month. Economists had expected a lower annual rate of 563,000.

In other markets, crude-oil prices rose $1.98 a barrel to $81.78, while gold futures were stronger. The dollar weakened against both the yen and the euro. Treasurys declined, with 10-year note down to yield 3.65%.

For a detailed rundown on Tuesday s trading session see our market story.

Winners
A late afternoon surge on the Nasdaq put technology stocks back in focus, and pushed up the Semiconductor HOLDRS Trust fund (SMH) by 3.1%. The Market Vectors Gold Miners fund (GDX) rebounded by 2.6% as gold prices came back.

Losers
The S&P 500 VIX Short-Term Futures Index fund (VXX) shed 3.3% after a late-session rise by major indexes. The Market Vectors Vietnam fund dropped 2.2%.

Tuesday s Industry Headlines

Launching Pad
First Trust, a provider of niche exchange-traded funds, launched a pair of funds focused on copper and platinum companies, respectively, Tuesday. The First Trust ISE Global Copper Index Fund (CU) and the First Trust ISE Global Platinum Index Fund (PLTM) are built on benchmarks made up of companies whose revenues come from the mining, refining or exploration of copper and platinum. The funds allow investors to access commodities through equities rather than on the spot markets. The ISC Copper Index has more than tripled since the crash, according to data compiled by Bloomberg. The funds each carry an annual fee of 0.7%.

Wednesday s Notebook

Earnings and Conference Calls
Abraxas Petroleum, Compania Cervecerias Unidas, Consolidated Water, Crimson Exploration, Federal Agricultural Mortgage, Guess, Herman Miller, IHS, Luby's, Nike, Schiff Nutrition International, Somanetics, STR Holdings, Synergetics USA, Towerstream, Travelport, Tsakos Energy Navigation, WPCS

Economic Data
7:00 a.m. MBA Purchase Applications
8:30 a.m. Producer Price Index
10:30 a.m. EIA Petroleum Status Report