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Dow Hits Record as Fed Trims Stimulus as Economy Improves

U.S. stocks rose, sending the Dow Jones Industrial Average to a record, as the Federal Reserve said it would continue to trim the pace of bond purchases as the economy gains momentum.

Facebook Inc. jumped 2.8 percent as Internet stocks recovered from earlier losses. Pepco Holdings Inc. climbed 17 percent after Exelon Corp. agreed to buy it. Twitter Inc. dropped 8.6 percent after saying user growth slowed. EBay Inc. fell 5 percent after the biggest online marketplace forecast sales that trailed some analysts’ estimates.