Blue Chips Close at Record High as Fed Delivers Rate Expectations

U.S. stocks climbed with the Dow Jones Industrial finishing at new highs Wednesday. The Federal Reserve stuck to its script and reiterated its pledge not raise interest rates for a 'considerable period.' At a news conference after the policy announcement, Fed Chair Janet Yellen said there continues to be significant underutilization in the labor force. Lennar (LEN) gained 5.80 percent in today's session. The homebuilder beat Wall Street's earnings expectations by a landslide. Separately, new data from the National Association of Home Builders showed confidence among the nation's home builders hit a near nine year high. U.S. Steel (X) was another winner, it shot up about 9.65 percent. The company said its Canadian unit is seeking bankruptcy protection allowing it to operate while exploring restructuring alternatives. Adobe Systems sank more than 4.5 percent. Investors didn't like hearing the company saying its fourth quarter will be weak.