The Dow Jones Industrial average closed at a record-high on Wednesday, a sign some say demonstrates the economy is on the way to financial recovery. The Dow closed 4 points above its previous all-time high, which was on December 31, 2013. Some economists say that this is the economy reacting well to less stimulus from the Federal Reserve, a move that was announced earlier on Wednesday.
The Dow Jones industrial average is closing at an all-time high.
A gain of 45 points Wednesday left the Dow at 16,580, four points above the record high it set on Dec. 31.
The Dow hadn’t been in the black for 2014 until today.
The Standard & Poor’s 500 index increased five points, or 0.3 percent, to 1,883. The index is seven points below the record high set April 2.
The Nasdaq composite rose 11 points, or 0.3 percent, to 4,114.
Twitter slumped 9 percent after its customer growth fell short of what investors were hoping for.
The Federal Reserve said would reduce its bond purchases by another $10 billion a month, in line with what investors were expecting.
The yield on the 10-year Treasury note fell to 2.65 percent.