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Please wait weigh less with jess phase 2 recipes The early movement was even more dramatic for the SPY exchange-traded fund, which tracks the movement of the S&P 500 and is the most-traded ETF. Between 1:58 p.m. and 2 p.m., shares of the SPY jumped nearly 1 percent, from $170.8 to $172.4. During those two minutes, trading volume surged from 168,000 shares to nearly 6 million shares. The SPY finished the day up 1.9 percent, with more than half that gain coming in the two minutes surrounding the Fedâ?™s announcement.