The Dow Jones Industrial Average Wednesday closed at a new record after the Federal Reserve said the US economy was picking up following a winter slowdown.

At the closing bell, the Dow advanced 43.12 (0.26 percent) to 16,578.49, topping a previous record by less than two points. The S&P 500 rose 5.35 (0.28 percent) to 1,883.68, while the tech-rich Nasdaq Composite Index added 11.01 (0.27 percent) at 4,114.56.

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