Dow rise sets fresh high despite Fed report

The Dow pushed to fresh highs Wednesday one day after notching an all-time record, even as the Federal Reserve said economic growth continued at a dull pace. At the closing bell, the Dow Jones Industrial Average rose 42.62 (0.30 percent) to 14,296.39, a new all-time high. The broad-based S&P 500 edged up 1.68 (0.11 percent) to 1,541.47, while the tech-rich Nasdaq Composite Index declined 1.77 (0.05 percent) to 3,222.37. The market gains came despite a mixed report on US economic conditions from the Federal Reserve. Although the Fed's Beige Book showed "modest to moderate" economic expansion, it noted concerns about the impact of new tax hikes on consumer spending.