NEW YORK — The stock market rose Wednesday after the Federal Reserve told investors to expect low interest rates for a while yet, pushing the Dow Jones industrial average to a record high.
After drifting along for most of the day, stocks marched higher after the U.S. central bank released a statement signaling little change in its interest rate policy. The gains were broad, with seven of the 10 industry groups of the Standard & Poor's 500 index ended up, led by materials stocks.
The Fed statement put to rest an anxious waiting game among investors that has left the S&P 500 moving between small gains and losses for a week. A rise in the short-term rates that the Fed controls has triggered stock drops in the past.
In its statement, the central bank retained language in that it plans to keep short-term rates low "for a considerable time" after it ends its monthly bond purchases in November. For many investors, that meant the first hike won't come until the middle of next year.
The Dow rose 24.88 points, or 0.2 percent, to end at 17,156.85 — its 16th record high this year. The S&P 500 edged up 2.59 points, or 0.1 percent, to 2,001.57, falling short of its own closing high of 2,007.71 from Sept. 5.
The Nasdaq composite was up 9.43 points, or 0.2 percent, to 4,562.19, still well below its dot-com era peak.
Read Thursday's Arkansas Democrat-Gazette for more on this story.