Business

Stocks rise as Fed continues stimulus, worries about Cyprus ease

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Fear that Europe’s debt crisis could deepen faded from the stock market on Wednesday, freeing the Dow to touch an intraday record high. Stocks traded higher most of the day and spiked after the Federal Reserve said it will continue its aggressive­ measures to boost the US economy, which, it said, has strengthened since pausing late last year but still needs the central bank’s support. The Fed’s chairman said the Cyprus banking crisis poses no major risk to the US economy. The S&P 500 is within seven points of its record high of 1,565, reached in October 2007. It is up 9.3 percent so far this year, while the Dow is up 10.7 percent for the year.