Dow Jones industrial average closes at record high after Fed maintains stance on rates

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.