NEW YORK (AP) -- The stock market is closing at a record high after the Federal Reserve's surprise decision to keep its economic stimulus in place.
The Dow Jones industrial average jumped 147 points, or 1 percent, to 15,676 Wednesday. The Standard & Poor's 500 index rose 20 points, or 1.2 percent, to 1,725. Both were records.
The Nasdaq rose 38 points, or 1 percent, to 3,783.
Bond yields plunged, prompting investors to bid up stocks that have big dividends. Utilities surged 3 percent, the most of the 10 sectors in the S&P 500 index.
The yield on the 10-year Treasury note fell to 2.71 percent from 2.85 percent, the biggest one-day drop in almost two years.
Gold prices surged as investors feared the Fed's continued bond purchases might cause inflation.
Volume was heavy.