BUSINESS

Fed Changes Nothing In Rate Stance, Causing Dow Jones To Hit Record High

09/17/2014 04:24 EDT | Updated 06/16/2017 00:56 EDT
EMMANUEL DUNAND via Getty Images
Traders react at the end of trade at the New York Stock Exchange in New York, March 5, 2013. The Dow Jones industrial average surged to a record high at the opening bell, surpassing a key level in its recovery from the 2008 financial meltdown. The Dow Jones closed at 14253.77 points topping the previous record high of 14,164 achieved on October 9, 2007.AFP PHOTO/EMMANUEL DUNAND (Photo credit should read EMMANUEL DUNAND/AFP/Getty Images)
NEW YORK, N.Y. - The Dow Jones industrial average is closing at a record high after the Federal Reserve maintained its stance on record-low interest rates.

The Dow rose 24 points, or 0.2 per cent, to close at 17,156 Wednesday, surpassing its previous high from July by 18 points. The blue-chip average rose as much as 89 points after the Fed kept the phrase "considerable time," in referring to how long it would wait before raising interest rates.

The Standard & Poor's 500 index edged up two points, or 0.1 per cent, to finish at 2,001. The Nasdaq rose nine points, or 0.2 per cent, to 4,562.

The Fed has held the short-term rates it controls close to zero for more than five years, which has helped stimulate the economy and fueled a bull market for stocks.

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