NEW YORK, Sept 18 U.S. stocks rallied to a
record high on Wednesday after the Federal Reserve surprised
investors by saying it would not begin to cut its bond-buying
program that has been a driving force behind Wall Street's climb
of more than 20 percent this year.
The Dow Jones industrial average rose 172.09 points
or 1.11 percent, to 15,701.82, the S&P 500 gained 23.71
points or 1.39 percent, to 1,728.47 and the Nasdaq Composite
added 41.207 points or 1.1 percent, to 3,786.906.
After a mostly quiet session leading up the announcement,
major indexes jumped more than 1 percent after the central bank
said it would continue buying bonds at an $85 billion monthly
pace for now.
Market participants had largely been expecting the central
bank to begin a withdrawal of the bond-buying program by about
$10 billion a month.