Note that after every hint or announcement of more Fed action, the S&P came off a recent low.
Calculated Risk has a succinct QE Timeline in this post. He also puts those dates into the following graph of the S&P 500. It speaks for itself.
Today’s economic projections after the latest round of Fed meetings are, in a word, dismal. They show continued growth and continued declines in unemployment — i.e., no recession — but with a growth so slow that millions of Americans will remain un- or underemployed. Many Americans already have a tenuous hold on their standing in the middle class; millions more will fall out of it if the Fed doesn’t do more.