UNDATED (AP) - Fear of a revived debt crisis in Europe is fading from the stock market.
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 Wednesday 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.
The Dow closed up nearly 56 points yesterday, to 14,511.73. In other trading, the Standard & Poor's 500 index rose 10 points to 1,558.71. The Nasdaq composite index rose 25 points.