NEW YORK (TheStreet) -- Stocks advanced Wednesday after the Federal Open Market Committee's statement suggested a stabilizing economy and said it would keep rates near zero for an "extended period," as expected.
Aside from a tone that was mildly more upbeat in its discussion of economic conditions than recent releases, the statement from the Federal Reserve's rate-setting arm contained only one key surprise: one of the body's members, Kansas City Fed Chief Thomas Hoenig, dissented from the otherwise unanimous vote, saying he believed the economy had improved enough that expecting interest rates to remain close to zero for an extended period "was no longer warranted."
The Dow Jones Industrial Average closed up 42 points, or 0.4%, at 10,236. The S&P 500 gained 5 points, or 0.5%, to 1098, while the Nasdaq finished 18 points higher, or 0.8%, at 2221.
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