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Wednesday
Apr302014

Dow Closes at All-Time High, Stocks Rise 

Stan Honda/AFP/Getty Images(NEW YORK) -- The Dow Jones Industrial Average hit an all-time high Wednesday, rising 45 points on the session and ending at 16,580.84.

The record close came on the same day the Federal Reserve announced another $10 billion cut to its bond buying program, a key part of its economic stimulus.

The Nasdaq Composite added 11 points to close at 4,114.56, and the S&P 500 rose nearly six points to 1,883.95, just seven points below the record-high set at the start of April.

There are positive signs of economic growth and household spending, according to the central bank, following a brutal winter that put a damper on the economy for the first three months of the year. The government reported an economic growth rate of just 0.10 percent from January to March, but there is expectation that the pace could pick up as temperatures rise.

Twitter stocks slumped nine percent after reports that customer growth fell short of expectations. Since the start of the yaer, company shares have dipped 40 percent.

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