Record Dow’s first close above 33K

The Dow Jones Industrial Average closed above 33,000 for the first time Wednesday after the Federal Reserve pledged to maintain its easymoney policies as the economy recovers from the COVID-19 pandemic.

The record comes just five trading days after the bluechip average first closed above than 32,000 — the quickest 1,000-point jump on record, according to Dow Jones Market Data.

The Dow climbed 189.42 points, or 0.6 percent, to 33,015.37, the 15th record close of 2021. The S&P 500 rose 11.41 points, or 0.3 percent, to 3,974.12, its 14th record of the year.

The tech-heavy Nasdaq Composite added 53.64 points, or 0.4 percent, to 13,525.20. Recent weakness in tech shares has left the Nasdaq off 4 percent from its February record.

Investors are wary of any sign the monetary stimulus that has supported markets during the pandemic could begin to subside, and all three major stock indexes turned higher at the afternoon release of the central bank’s statement. They rose further as Fed Chairman Jerome Powell told reporters: “We will continue to provide the economy the support that it needs for as long as it takes.”

With unemployment still elevated, Fed officials are taking a cautious approach, said George Catrambone, head of Americas trading at asset manager DWS Group.

“We’re going to make sure it’s there, that the recovery is sustainable and inflation is sustainable, before we really think about raising rates,” he said.