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If you thought the news going to be the actual FOMC cut was the key today, it wasn't. The bias and tone for more rate cuts was the most important, and the tone was not hawkish enough. Traders wanted to see a signal of the end of rate cuts, at least for now, so that oil and gold would tank and that the dollar would recover.

GDP came out and showed a +0.6% gain, meaning the official recession isn't technically here yet. Warren Buffett said it is, and he might be good enough of a judge over anyone. Regardless, this is the first positive month for the S&P after it just missed a positive month in March.

Below are the unofficial closing levels for key US index levels:

• DJIA 12,818.58 (-13.36; -0.10%)
• S&P500 1,385.47 (-5.47; -0.39%)
• NASDAQ 2,412.80 (-13.30; -0.55%)
• 10YR-BOND 3.7590% (-0.066%)
• 52-WEEK LOWS.

Buffalo Wild Wings (NASDAQ: BWLD) was upgraded by KeyBanc Capital Markets to Buy and by Cowen & Co. to Outperform. Yesterday, Buffalo Wild Wings reported strong quarter results with a 22% revenue boost and earnings meeting street expectations. Shares were up 18% to $30.74 in the final minutes of the day.

Citigroup (NYSE: C) dipped after its stock offering priced 50% higher than expected at $4.5 billion Tuesday evening. Diluting current shareholders earnings, the offering of 178.1 million shares at $25.27 attempts to combat the massive write downs and losses suffered over the last two quarters. Shares were down almost 4% to $25.32 in the final minutes of the day.

General Motors (NYSE: GM) posted narrower than expected losses today, driving the stock up. The company posted a net loss of $3.25 billion, or $5.74 per share. Excluding charges, the company showed a loss of $0.62 EPS, much better then the -$1.67 EPS estimated by Wall Street. Shares were up over 9% to $23.30 in the final minutes of the day.

Garmin Ltd. (NYSE: GRMN) reported lower than expected earnings today due to slowed demand. Guidance indicated a continued decrease in prices. Net income hit $147.8, or $0.67 EPS, lower than estimates of $0.74. Shares were down over 11% to $41.15 in the final minutes of the day.

IAC/InterActivCorp (NASDAQ: IACI)'s CEO Barry Diller announced that he wants the previously announced spin-offs of various business parts to be completed by August. Today, the internet conglomerate also reported earnings of $87.2 million, or $0.30 EPS, down from last year, but meeting expectations. Shares were up 2% at $20.87 in the final minutes of the day.

Savvis Inc. (NASDAQ: SVVS) falling to a new low after cutting 2008 revenue outlook Tuesday. It reported narrower losses than expected of $4.2 million or $0.08 EPS, beating estimates of -$0.13 EPS. Downgrades didn't exactly help. Shares were down 22% at $14.55 in the final minutes of the day.

Exxon Mobil (NYSE: XOM) raised its second quarter dividend by 14% to $0.40 per share payable June 10. Last year, dividends were raised by 9%. Shares were up 2% at $93.63 in the final minutes of the day.