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Dow closes at record high after Fed leaves rates unchanged, Boeing jumps

U.S. stocks closed mostly higher on the back of strong earnings and following the Federal Reserve's decision to keep interest rates unchanged.

The Dow Jones industrial average rose 97.58 points to close at 21,711.01 and hit intraday and closing records. Boeing rose 9.88 percent and contributed the most gains on the 30-stock index. The S&P 500 hit an intraday record before closing flat at 2,477.83. The Nasdaq composite climbed 0.16 percent to 6,422.75 and also notched all-time highs.

The Fed was widely expected to keep monetary policy steady. The central bank, however, laid the groundwork for winding down its massive stimulus program in September.

"The Fed is entering a yield-curve management program if you will," said David Schiegoleit, managing director of investments at U.S Bank Private Client Reserve. "By reducing the balance sheet, the Fed is effectively steepening the yield curve."

They said they plan to start the unwinding "relatively soon," which is the crux of the statement. Fed watchers had been looking for the language to change from "this year," as indicated following the June meeting, to something more immediate.

The central bank also said, however...


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