Dow closes at a record high, erases loss of year

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Dow Closes at Record High
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Dow closes at a record high, erases loss of year
Trader Edward Curran rushes across the New York Stock Exchange floor, Wednesday, April 30, 2014. The stock market is edging lower Wednesday after the U.S. economy slowed more drastically in the first quarter than economists had believed. (AP Photo)
Trader Peter Tuchman, center, works on the floor of the New York Stock Exchange Wednesday, April 30, 2014. The stock market is edging lower Wednesday after the U.S. economy slowed more drastically in the first quarter than economists had believed. (AP Photo)
Trader Steven Kaplan, right, works at the post that handles Twitter, on the floor of the New York Stock Exchange, Wednesday, April 30, 2014. Shares of Twitter dropped in morning trading Wednesday to their lowest point since the company went public in November. Investor concern remains over the short messaging service's ability to keep adding users and keep existing users engaged. (AP Photo)
Traders Jonathan Corpina, left, and William Lawrence work on the floor of the New York Stock Exchange, Wednesday, April 30, 2014. The stock market is edging lower Wednesday after the U.S. economy slowed more drastically in the first quarter than economists had believed. (AP Photo)
Specialist Jason Notter, right, works with traders at the post that handles Pepco Holdings, on the floor of the New York Stock Exchange, Wednesday, April 30, 2014. The stock market is edging lower Wednesday after the U.S. economy slowed more drastically in the first quarter than economists had believed. (AP Photo)
Traders Anthony Riccio, left, and Patrick Casey work on the floor of the New York Stock Exchange, Wednesday, April 30, 2014. The stock market is edging lower Wednesday after the U.S. economy slowed more drastically in the first quarter than economists had believed. (AP Photo)
Specialist Brian Egan, second from right, works with traders on the floor of the New York Stock Exchange, Wednesday, April 30, 2014. The stock market is edging lower Wednesday after the U.S. economy slowed more drastically in the first quarter than economists had believed. (AP Photo)
Steven Kaplan, left, shares a light moment with a fellow trader on the floor of the New York Stock Exchange, before the close of trading, Monday, April 28, 2014. Stocks turned higher late Monday afternoon as a choppy day of trading drew to a close. Indexes swung in a wide range as investors tempered their enthusiasm over a potential $100 billion pharmaceutical deal with skepticism over Internet and other formerly highflying stocks. (AP Photo/Richard Drew)
Specialist Anthony Rinaldi, center, works with traders at his post on the floor of the New York Stock Exchange, Wednesday, April 30, 2014. The stock market is edging lower Wednesday after the U.S. economy slowed more drastically in the first quarter than economists had believed. (AP Photo)
Specialist Meric Greenbaum, center, works at his post on the floor of the New York Stock Exchange Wednesday, April 30, 2014. The stock market is edging lower Wednesday after the U.S. economy slowed more drastically in the first quarter than economists had believed. (AP Photo)
Specialist Charles Boeddinghaus is reflected in one of his screens, at his post on the floor of the New York Stock Exchange, Monday, April 28, 2014. Stocks are mostly higher in early trading as traders hope for another blockbuster merger in the health-care industry. (AP Photo/Richard Drew)
Traders Neil Cantania, left, and Frederick Reimer work on the floor of the New York Stock Exchange, Wednesday, April 30, 2014. The stock market is edging lower Wednesday after the U.S. economy slowed more drastically in the first quarter than economists had believed. (AP Photo)
Traders Kevin Walsh, left, and Gordon Charlop work on the floor of the New York Stock Exchange Wednesday, April 30, 2014. The stock market is edging lower Wednesday after the U.S. economy slowed more drastically in the first quarter than economists had believed. (AP Photo)
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NEW YORK (AP) -- The Dow Jones industrial average is closing at an all-time high.

A gain of 45 points Wednesday left the Dow at 16,580, four points above the record high it set on Dec. 31.

The Dow hadn't been in the black for 2014 until today.

The Standard & Poor's 500 index increased five points, or 0.3 percent, to 1,883. The index is seven points below the record high set April 2.

The Nasdaq composite rose 11 points, or 0.3 percent, to 4,114.

Twitter slumped 9 percent after its customer growth fell short of what investors were hoping for.

The Federal Reserve said would reduce its bond purchases by another $10 billion a month, in line with what investors were expecting.

The yield on the 10-year Treasury note fell to 2.65 percent.
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