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Stocks close higher; S&P sets another record

By The Associated Press
Posted 4:24PM on Wednesday 18th June 2014 ( 9 years ago )
Stocks closed high Wednesday after the Federal Reserve said the U.S. economy was doing well enough for the central bank to make further reductions to its stimulus program.<br /> <br /> It was the fourth straight gain for stocks and another record-high close for the Standard & Poor's 500 index.<br /> <br /> The S&P 500 rose 15 points, or 0.8 percent, to close at 1,957 Wednesday.<br /> <br /> The Dow Jones industrial average added 98 points, or 0.6 percent, to 16,906. The Nasdaq composite gained 25 points, or 0.6 percent, to 4,362.<br /> <br /> FedEx rose 6 percent after the package delivery service reported that its income rose as growth in online shopping gave its ground-shipping business a lift.<br /> <br /> Bond prices rose. The yield on the 10-year Treasury note fell to 2.59 percent.

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