Stocks Extend Gains on Fed News

The blue-chip indexes hit their highest levels since May, 2001, after the the Beige Book said the economy is expanding at a "moderate" rate.

Stocks finished higher Wednesday, as the Fed's Beige Book report showed steady economic growth amid contained inflation pressures. Falling oil prices set a positive backdrop, and the markets weathered a recovery in Treasury yields, says Standard & Poor's MarketScope.

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