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Dow Jones industrial average closes at a record high of 16,580, erasing its loss for the year

NEW YORK, N.Y. - The Dow Jones industrial average is closing at an all-time high.

A gain of 45 points Wednesday left the Dow at 16,580, four points above the record high it set on Dec. 31.

The Dow hadn't been in the black for 2014 until today.

The Standard & Poor's 500 index increased five points, or 0.3 per cent, to 1,883. The index is seven points below the record high set April 2.

The Nasdaq composite rose 11 points, or 0.3 per cent, to 4,114.

Twitter slumped 9 per cent after its customer growth fell short of what investors were hoping for.

The Federal Reserve said would reduce its bond purchases by another $10 billion a month, in line with what investors were expecting.

The yield on the 10-year Treasury note fell to 2.65 per cent.

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