Dow Sets New Record Closing High Amid Modest Strength On Wall Street

(RTTNews) - Stocks turned in a relatively lackluster performance throughout the trading day on Wednesday even as the Federal Reserve announced its latest policy decision. The major averages eventually ended the day modestly higher, with the Dow reaching a new record closing high.

The modestly higher close on Wall Street came following the Fed's widely anticipated decision to scale back its asset purchase program by another $10 billion.

The Fed reduced the pace of its asset purchases to $45 billion a month and suggested that it is likely to continue tapering the program in measured steps at future meetings.

At the same time, the central bank reiterated that it is likely to keep interest rates at near-zero levels for a considerable time after the asset purchase program ends.

Despite the upward move shown by the broader markets, most of the major sectors ended the day showing only modest moves.

Significant strength was visible among trucking stocks, however, with the Dow Jones Trucking Index jumped 2.6 percent to a three-month closing high.

C.H. Robinson (CHRW) helped lead the trucking sector higher, surging up by 5.1 percent after reporting better than expected first quarter earnings.

Brokerage, telecom, and biotech stocks also saw strength on the day, while some weakness was visible among computer hardware stocks.

The Dow ended the session up 45.47 points or 0.3 percent at 16,580.84, topping the previous record closing high set on the final trading day of last year. The Nasdaq also rose 11.01 points or 0.3 percent to 4,114.56, while the S&P 500 climbed 5.62 points or 0.3 percent to 1,883.95.