NEW YORK (March 20, 2013)--Stocks closed higher Wednesday on Wall Street after the Federal Reserve said it’s standing by its plan to continue with aggressive measures to boost the economy, and concerns about a possible financial crisis in Cyprus eased.
The Dow Jones industrial average rose 55 points, or 0.4 percent, to close at 14,511 after trading briefly at an all-time high earlier Wednesday.
The Standard & Poor's 500 index rose 10 points, or 0.7 percent, to end the day at 1,558.
The S&P posted its first gain after three days of losses and was about six points away from its record closing high.
The Nasdaq composite index rose 25 points, or 0.8 percent, to end at 3,254.
Three stocks rose for every one that fell on the New York Stock Exchange where volume was 3.3 billion shares, slightly below the recent average.