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Dow hits record 16,580; it's now in the black for 2014

Traders work at the post that handles Bank

Traders work at the post that handles Bank of America on the floor of the New York Stock Exchange, Monday, April 28, 2014. Credit: AP / Richard Drew

After a day of ups and downs Wednesday, the Dow Jones industrial average closed at an all-time high.

A gain of 45 points late in the afternoon sent the Dow to 16,580.8, some 4 points above the record set on Dec. 31, 2013. The Dow hadn't been in the black for 2014 until Wednesday.

The Standard & Poor's 500 index increased 5.6 points, or 0.3 percent, to 1,884, the index is seven points below the record high set April 2.

The Nasdaq composite rose 11 points, or nearly 0.3 percent, to 4,114.6.

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.

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