The Dow Jones industrial average jumped 45 points Wednesday to set a new closing record of 16,581 that was four points higher than the previous record. 

The last record was 16,576.66 and was set on Dec. 31, 2013.

The Federal Reserve also announced today that it is reducing the bond buying program by another $10 billion per month.  

The Nasdaq gained 11 points to finish at 4114 and the S&P 500 rose 5 points to end the session at 1884.