Stocks Hit Records as Fed Scales Back Bond Buying

Major U.S. stock indexes hit concurrent records for a fourth consecutive session after the Federal Reserve approved plans to start scaling back its bond-buying stimulus program.

The S&P 500 hit session highs after Chairman Jerome Powell’s postmeeting press conference. The broad stock-market gauge rose 29.92 points, or 0.6%, to 4660.57. The Dow Jones Industrial Average added 104.95 points, or 0.3%, to 36157.58. The technology-heavy Nasdaq Composite Index gained 161.98 points, or 1%, to 15811.58, rising for an eighth consecutive session. All three indexes finished at highs.