Dow Jones industrial average closes at all-time high following US Federal Reserve's announcement of slight reduction in stimulus program; Dow gains 293, or 1.85%, closes at 16,168

NEW YORK , December 18, 2013 () – The Dow and the S&P 500 closed at all-time highs on Wednesday after the Federal Reserve announced a small reduction in its stimulus program, confirming that the U.S. economy was on firm footing.

The Dow Jones industrial average rose 293.03 points or 1.85 percent, to end unofficially at 16,168.29, a record closing high. The S&P 500 gained 29.65 points or 1.66 percent, to finish unofficially at 1,810.65, also a record closing high. The Nasdaq Composite added 46.384 points or 1.15 percent, to close unofficially at 4,070.064.

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