Bernanke Reassures that What’s Happening in Cyprus Would Never Happen in America

Stocks End Higher After Fed Decision, Dow Hits New Intraday High; Vix Sinks 13% (CNBC)

Stocks finished higher Wednesday, wiping out most of the past week's losses, after the Federal Reserve reaffirmed its policies on bond purchases and record-low interest rates and as investors shrugged off concerns over Cyprus.

"Count on the Fed to prop up this market for a bit longer—I think Bernanke along with investor dissatisfaction for other asset classes have been the main reasons for this remarkable resilience in the equity market," said Uri Landesman, president at Platinum Partners.

The Dow Jones Industrial Average rallied 55.91 points, or 0.39 percent, to close at 14,511.73, led by American Express and Coca-Cola, after earlier hitting a fresh intraday high for the eighth time this month at 14,546.82. The blue-chip index is up nearly 11 percent so far this year.

The S&P 500 advanced 10.37 points, or 0.67 percent, to end at 1,558.71. The Nasdaq climbed 25.09 points, or 0.78 percent, to finish at 3,254.19. The S&P 500 came within 4 points of its all-time closing high. The S&P and Nasdaq are on pace for their fifth month of gains.