Stocks up in fourth straight gain

Stocks are closing higher after the Federal Reserve said the US economy was doing well enough for the central bank to make further reductions to its stimulus program.

Trader Jeffrey Vazquez works on the floor of the New York Stock Exchange today
Trader Jeffrey Vazquez works on the floor of the New York Stock Exchange today

It was the fourth straight gain for stocks and another record-high close for the Standard & Poor's 500 index.

The S&P 500 rose 15 points, or 0.8%, to close at 1,957 Wednesday.

The Dow Jones industrial average added 98 points, or 0.6%, to 16,906. The Nasdaq composite gained 25 points, or 0.6%, to 4,362.

FedEx rose 6% after the package delivery service reported that its income rose as growth in online shopping gave its ground-shipping business a lift.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.59%.