Dow Jones industrial average closes at record high

October 29, 2013
FILE - In this Friday, Oct. 25, 2013, file photo, trader Jonathan Niles, center, works on the floor of the New York Stock Exchange. U.S. futures are barely moving, Tuesday, Oct. 29, 2013, with so much riding on upcoming policy decisions at the Fed. The U.S. Federal Reserve opens its two-day meeting Tuesday. (AP Photo/Richard Drew, File)

NEW YORK (AP) — The Dow Jones industrial average is closing at a record high as investors expect the Federal Reserve to keep up its economic stimulus program.

The Dow rose 111 points, or 0.7 percent, to close at 15,680 Tuesday, four points above the all-time high it set on Sept. 18.

Investors expect the Fed will decide to keep up its bond-buying program at its policy meeting that began Tuesday. The Fed will announce its decision Wednesday afternoon.

The Standard & Poor's 500 index closed at a record high for the seventh time this month. The S&P 500 gained almost 10 points, 0.6 percent, to 1,772.

The Nasdaq composite rose 12 points, or 0.3 percent, to 3,952. The Nasdaq remains far below the record high of 5,048 it set in March 2000.