News Summary: Stocks rise as Fed extends stimulus

News Summary: Stock rise as Federal Reserve stands by stimulus; Cyprus concerns fade

Associated Press

CYPRUS WHO? Fear of a revived debt crisis in Europe faded from the stock market Wednesday, freeing the Dow Jones industrial average to touch an all-time high. The Dow had dipped Monday on fear that Cyprus would become the latest European nation to sow fiscal chaos.

STEADY FED: Stocks spiked after the Federal Reserve said it will continue with aggressive measures to boost the economy. Fed Chairman Ben Bernanke said Cyprus crisis posed no major risk to the U.S. economy.

UNPAUSE: The Fed said the U.S. economy has strengthened after pausing late last year, but still needs support from the central bank.

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