Dow Jones Industrial Average Closes at All-Time High of 16,580

BY KATE GIBSON, CNBCU.S. stocks rose on Wednesday, with the Dow Jones Industrial Average hitting its first record close of the year, as Wall Street welcomed a further reduction in the Federal Reserve's monthly bond purchases while looking past data showing the economy slowed more than expected in the first quarter.

The Dow Jones closed at an all-time high of 16,580 on Wednesday.

"Who would imagine we would get a first-quarter GDP print so disappointing and yet we're closing the stock market at a high. That shows investors are absolutely looking past the first quarter, and looking to the Fed to continue with lower rates," said Chris Gaffney, senior market strategist at Everbank..

In its statement, the central bank said the economy has gained traction recently after a sharp slowdown. It trimmed its monthly asset purchases to $45 billion, making its fourth consecutive $10 billion cut.

http://www.nbcnews.com/business/busi...-16-580-n93961