Dow and S&P end at record highs, with Dow adding 293 points after Fed announces decision to ease stimulus.

The job market is almost strong enough to stand on its own. That’s the message from Federal Reserve officials, who decided Wednesday to start reducing their massive economic stimulus program.

Beginning in January, the Fed will buy $75 billion in bonds each month, down from the $85 billion it had been buying since September 2012.

“In light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions, the Committee decided to modestly reduce the pace of its asset purchases,” the Fed said in a statement.

The Fed decided to cut back on both types of bond purchases — mortgage-backed securities and Treasuries by $5 billion per month each.