State and Nation Business

Stocks rise as Federal Reserve stands by stimulus

Stocks closed higher on Wall Street after the Federal Reserve stood by its plan to continue with aggressive measures to boost the economy.

Concern eased about a possible financial crisis in Cyprus.

The Dow Jones industrial average rose 55 points, or 0.4 percent, to close at 14,511. The Dow briefly traded at an all-time high Wednesday.

The Standard & Poor’s 500 index rose 10 points, or 0.7 percent, to 1,558. The S&P posted its first gain after three days of losses and is about six points away from its record closing high.

The Nasdaq composite index rose 25 points, or 0.8 percent, to 3,254.

Three stocks rose for every one that fell on the New York Stock Exchange. Volume was 3.3 billion shares, slightly below the recent average.

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