NEW YORK (CNNMoney) -- U.S. stocks finished near the highs of the day Wednesday, as investors digested comments from Federal Reserve chairman Ben Bernanke and cheered strong corporate results from big companies including Apple and Boeing.
All three major indexes rallied right out of the gate, on the back of stronger-than-expected financial results, but pulled back slightly leading up toBernanke's news conference.
The indexes regained momentum after the Fed chief said that the central bank remains "entirely prepared to take additional balance sheet actions...should the economy require additional support."
But the Fed was also more positive with its outlook, boosting its economic growth projection for the year and lowering its unemployment rate target.
"The Fed sounded a bit more upbeat on the economy than I was expecting," said Frank Fantozzi, CEO and President of Planned Financial Services. "It doesn't have evidence to take any further stimulus action, and wants the economy to keep healing and improving on its own. But it also reserves the right to step in if the economy stalls or reverses course."
The Dow Jones industrial average (INDU) rose 89 points, or 0.7%. The S&P 500 (SPX) gained 19 points, or 1.4%, and the Nasdaq (COMP) added 68 points, or 2.3%.
The Fed also left its key interest rate unchanged near zero and reiterated that low rates are likely to remain through late 2014.
The central bank also expects the economy to grow between 2.4% and 2.9% in 2012, which would be an improvement over 1.7% growth last year. The Fed also revised its forecasts for the labor market, predicting the unemployment rate will fall to between 7.8% and 8% by the end of the year.
The dollar lost ground against the euro, but rose versus the Japanese yen and the British pound.
Oil for June delivery rose 57 cents to settle at $104.12 a barrel.
Gold futures for June delivery lost $1.50 to settle at $1,642.30 an ounce, but trading amount is up from earlier lows.
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