Stocks edge higher after Fed trims bond purchases

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Associated Press

Posted on June 18, 2014 at 2:02 PM

Updated Wednesday, Jun 18 at 2:02 PM

Stocks are closing higher 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.

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 percent, to close at 1,957 Wednesday.

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.

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.

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

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