Dow Closes In on Record

Updated from 4:10 p.m. EDT

With no surprises emanating from the Federal Reserve meeting, stocks closed higher Wednesday as traders cheered the earnings reports from Oracle (ORCL - Cramer's Take - Stockpickr) and Morgan Stanley (MS - Cramer's Take - Stockpickr).

The Dow Jones Industrial Average rose 72.28 points, or 0.63%, to 11,613.19 and is about 110 points from its all-time high reached in January 2000. The S&P 500 added 6.87 points, or 0.52%, to 1325.18 and was at its best level in more than five years. The Nasdaq Composite surged 30.52 points, or 1.37%, to 2252.89.

About 2.37 billion shares changed hands on the New York Stock Exchange. Advancers beat decliners by a 2-to-1 margin. Volume on the Nasdaq was 2.19 billion shares, and winners led losers 4 to 3.

The Federal Open Market Committee decided to keep its federal funds target unchanged at 5.25% for the second straight meeting, an outcome that had been widely expected on Wall Street.

Along with the rate increase, the FOMC said in a statement that recent indicators showed that "the moderation in economic growth appears to be continuing, partly reflecting a cooling of the housing market."

However, "inflation pressures seem likely to moderate over time, reflecting reduced impetus from energy prices, contained inflation expectations, and the cumulative effects of monetary policy actions and other factors restraining aggregate demand," the statement said.

The FOMC reiterated its views on the possibility of further hikes, saying that "the extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information."