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Fed action stimulates Dow to record.

Byline: Joseph Ciolli and Lu Wang

U.S. stocks rose Wednesday, sending the Dow Jones Industrial Average to a record, as the Federal Reserve said it would continue to trim the pace of bond purchases as the economy gains momentum.

Facebook Inc. jumped 2.8 percent as Internet stocks recovered from earlier losses. Pepco Holdings Inc. climbed 17 percent after Exelon Corp. agreed to buy it. Twitter Inc. dropped 8.6 percent after saying user growth slowed. EBay Inc. fell 5 percent after its sales forecast trailed estimates.

The Standard & Poor's 500 Index increased 0.3 percent to 1,883.95 at 4 p.m. in New York, ending April with a 0.6 percent gain. The Dow's previous record was 16,576.66, reached on the last day of 2013. The 30-stock gauge fell 7.3 percent from New Year's through Feb. 3 amid turmoil in emerging markets; then rebounded 7.9 percent, led by an advance of 17% in Johnson & Johnson and gains of 14% each in Caterpillar Inc., Exxon Mobil Corp. and International Business Machines Corp.

Investors added $3.1 billion to U.S. equity exchange-traded funds Tuesday, the biggest single-day inflow since April 8. Health-care stocks absorbed the most money among industry ETFs, taking in $177 million and paring its five-day net outflow to $399 million.

-- Bloomberg News
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Title Annotation:Business
Author:Ciolli, Joseph; Wang, Lu
Publication:Telegram & Gazette (Worcester, MA)
Date:May 1, 2014
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