US stocks rise after Fed statement; record finish for Dow

U.S. stocks rose on Wednesday, with the Dow Jones Industrial Average and S&P 500 rising for a third consecutive month, as Wall Street welcomed a further reduction in the Federal Reserve’s monthly bond purchases.

Dow Jones Industrial Average closed at an all-time high of 16,580, erasing loss for the year.

“Who would imagine we would get a first-quarter GDP print so disappointing and yet we’re closing the stock market at a high. That shows investors are absolutely looking past the first quarter, and looking to the Fed to continue with lower rates,” said Chris Gaffney, senior market strategist at Everbank.