Wednesday's midday trade: Dow hits record intraday high

The Dow industrials hit a record intraday high on Wednesday as US stocks resumed their rise ahead of a statement from the Federal Reserve expected to reinforce the view that the Fed will keep a floor under the economy. The Fed looks set to sustain its $85 billion monthly bond-buying stimulus despite improving US economic data as the threat of a financial meltdown in Cyprus and its possible impact on the euro zone remind officials of a risky global environment.
Lennar's stock rose 4.7 percent to $43.38 after hitting $43.24, its highest level since June 2007. The PHLX housing sector index jumped 2 percent. The Dow Jones industrial average rose 54.55 points or 0.38 percent, to 14,510.37. The S&P 500 gained 7.83 points or 0.51 percent, to 1,556.17. The Nasdaq Composite added 14.42 points or 0.45 percent, to 3,243.52. Earlier, the Dow climbed to a record intraday high of 14,545.21.