After the Fed: Hesitation

In January, the Fed removed all reference to energy prices, noting only the "high level of resource utilization," or the labor market, as having the potential to sustain inflation pressures.

But, from a stock market perspective in a week filled with concerns about the easy-money spigot turning shut, absence made the heart grow fonder.

The Fed's decision to refrain from a more hawkish bent because of high energy prices and to refrain from mentioning the problems in the credit markets was enough to prevent a selloff but not enough to spark a rally, says Art Hogan, chief market analyst at Jefferies & Co.

Among individual names, investors couldn't stop chattering about the launch Friday of Apple's(AAPL - Cramer's Take - Stockpickr) iPhone. Apple's shares fell 1.1% ahead of the launch.

After the closing bell, Apple iPhone competitor Research In Motion(RIMM - Cramer's Take - Stockpickr) surged 14.3% on strong earnings after jumping 1.3% during the trading session. On the other hand, competitor, Palm(PALM - Cramer's Take - Stockpickr) slipped 4.3% in after-hours trading on a weak earnings report.

In a sign that the buyout craze is not over, investors cheered General Motors'(GM - Cramer's Take - Stockpickr) news that it will sell its Allison Transmission unit for $5.6 billion to private-equity firms Carlyle Group and Onex Corp. GM's shares gained 2% on the news as Ford(F - Cramer's Take - Stockpickr) added 2.3% on the day as well.