Dow closes at record high of 17,156 after Fed maintains stance on low interest rate

NEW YORK -- The Dow Jones industrial average is closing at a record high after the Federal Reserve maintained its stance on record-low interest rates.

The Dow rose 24 points, or 0.2 percent, to close at 17,156 Wednesday, surpassing its previous high from July by 18 points. The blue-chip average rose as much as 89 points after the Fed kept the phrase "considerable time," in referring to how long it would wait before raising interest rates.

The Standard & Poor's 500 index edged up two points, or 0.1 percent, to finish at 2,001. The Nasdaq rose nine points, or 0.2 percent, to 4,562.

The Fed has held the short-term rates it controls close to zero for more than five years, which has helped stimulate the economy and fueled a bull market for stocks.