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.