The stock market bounced to its highest close since last spring Wednesday after the Federal Reserve pledged to keep interest rates near zero for almost three more years.
The Fed's monetary policy committee said Wednesday afternoon that it was unlikely to raise interest rates before late 2014. It had previously promised to keep rates low into the middle of 2013. Stocks had traded lower all morning, but turned positive on the news at midday.
The Dow Jones industrial average closed up 81.21 points, or 0.6 percent, at 12,756.96.
The Standard & Poor's 500 index rose 11.41 points, or 0.9 percent, to 1,326.06.
The Nasdaq composite index added 31.67 points, or 1.1 percent, to close at 2,818.31.
For the week so far:
The Dow is up 36.48 points, or 0.3 percent.
The S&P 500 is up 10.68 points, or 0.8 percent.
The Nasdaq is up 31.61 points, or 1.1 percent.
For the year to date:
The Dow is up 539.40 points, or 4.4 percent.
The S&P 500 is up 68.46 points, or 5.4 percent
The Nasdaq is up 213.16 points, or 8.2 percent.