Stock market sets record after Fed keeps stimulus

The stock market hit a record high Wednesday as investors cheered the Federal Reserve's surprise decision to keep its economic stimulus program in place.

Active since 2008, the Fed will maintain its $85 billion monthly bond buying program, according to the Associated Press.

Also showing movement, bond yields fell while bond prices rose sharply, the price of gold had its biggest one-day jump and homebuilders' stocks rose.

The S&P 500 closed at a record high of 1,725.52; the Dow Jones industrial average also surpassed its previous high, closing at 15,676.94; and the Nasdaq composite rose 37.94 points to close at 3,783.64.

Read more at the Associated Press.