TIME Markets

Dow Closes at All-Time High

The Fed announces it will continue easing off the pedal on its bond-purchasing program as the economy gains momentum

The Dow Jones Industrial Average closed at a record high Wednesday as stock indices rose across the board amid growing momentum for the U.S. economy.

The Dow closed at 16,580.85 for a gain of 45.47 points Wednesday, besting its former record set on December 31. The S&P 500 rose to 1,883.91 for a gain of 0.3 percent and the Nasdaq rose 11 points to 4,115 for a gain of nearly 0.3 percent.

Wednesday’s gains come as the Federal Reserve announced it would pare back its bond-buying program by $10, to $45 billion, a continuation of three previous equivalent cuts, as the economy gains strength, Businessweek reports.

“Growth in economic activity has picked up recently, after having slowed sharply,” the Fed said in a statement. “Household spending appears to be rising more quickly.

[Businessweek]

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