BUSINESS

S&P 500 Hits Record High After Fed Announces It Won't Slow Stimulus

09/18/2013 02:17 pm ET | Updated Sep 18, 2013

NEW YORK, Sept 18 (Reuters) - The S&P 500 index hit a record high on Wednesday after the Federal Reserve said it would continue buying bonds at an $85 billion monthly pace for now, surprising financial markets that were braced for a reduction in the stimulus program.

The Dow Jones industrial average rose 69.19 points or 0.45 percent, to 15,598.92, the S&P 500 gained 9.84 points or 0.58 percent, to 1,714.6 and the Nasdaq Composite added 15.708 points or 0.42 percent, to 3,761.407.

The S&P hit an intraday record high of 1,718.19.

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