Dow, S&P 500 at highest levels since 2008

NEW YORK (CNNMoney) -- It was a 'no news is good news' kind of day for the stock market.

After waiting on the sidelines most of Wednesday in anticipation of the Federal Reserve's statement and Fed chief Ben Bernanke's first press conference, investors waded back in.

As expected, the central bank said it would keep interest rates low and end its $600 billion Treasury buying program in June, while Bernanke reassured investors that the nation's economic recovery is on track.

"The Fed statement and Bernanke's speech didn't offer any surprises, and that's good for the market because Wall Street hates uncertainty," said Doug Roberts, chief investment officer at Channel Capital Research and author of Follow the Fed to Investment Success.

The lack of news pushed the Dow Jones industrial average (INDU) up 96 points, or 0.8%. The S&P 500 (SPX) rose 8 points, or 0.6%, and the Nasdaq Composite (COMP) added 22 points, or 0.8%.

The gains put all three indexes at fresh multi-year highs. The Dow climbed to its highest level since May 2008, while the S&P 500 rose to its highest level since June 2008. The Nasdaq pushed to its highest level since December 2000.

With the Fed's meeting on top of this week's onslaught of corporate earnings and economic reports, "investors have a lot to digest," said Fred Dickson, chief market strategist at D.A. Davidson & Co.

The dollar fell against the euro and the British pound, but rose versus the Japanese yen.

Oil for June delivery gained 55 cents to settle at $112.76 a barrel.

Gold futures for June delivery rose $13.60 to settle at $1,517.10 an ounce.