Specialists Christopher Gildea, left, and Joseph Dreyer confer on the floor of the New York Stock Exchange Wednesday, March 20, 2013. In a statement after a two-day meeting, the Fed stood by its plan to keep short-term rates at record lows at least until unemployment falls to 6.5 percent, as long as the inflation outlook remains mild. (AP Photo/Richard Drew)
Wednesday, March 20, 2013 4:10 pm
Stocks rise as Federal Reserve stands by stimulus
By The Associated Press
Concern eased about a possible financial crisis in Cyprus.
The Dow Jones industrial average rose 55 points, or 0.4 percent, to close at 14,511. The Dow briefly traded at an all-time high Wednesday.
The Standard & Poor's 500 index rose 10 points, or 0.7 percent, to 1,558. The S&P posted its first gain after three days of losses and is about six points away from its record closing high.
The Nasdaq composite index rose 25 points, or 0.8 percent, to 3,254.
Three stocks rose for every one that fell on the New York Stock Exchange. Volume was 3.3 billion shares, slightly below the recent average.