Fear of a revived debt crisis in Europe faded from the stock market Wednesday, freeing the Dow Jones industrial average to touch an all-time high.
After dipping Monday on concerns that Cyprus would become the latest European nation to stir fiscal chaos, the Dow posted its second straight day of gains.
Stocks traded steadily higher for most of the day and spiked after the Federal Reserve said it will continue with aggressive measures to boost the economy. Fed Chairman Ben Bernanke said that Cyprus crisis posed no major risk to the U.S. economy.
The Dow was up 44 points shortly before the Fed announcement. It rose as much as 91 points shortly after the Fed released its policy statement at 2 p.m., touching an all-time high of 14,546 at 2:25 p.m.
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