Nasdaq closes at record high

The S&P 500 snapped a four-day losing streak Wednesday and the Nasdaq closed at a record high as investors eagerly awaited a potential fiscal stimulus package. At the end of its two-day meeting, the Federal Reserve pledged to keep purchasing bonds and keep its benchmark interest rate near zero, and that spurred investors to buy stocks.

Summit Place Financial Advisors president Liz Miller:

“When we look at what the Fed released today, we see a commitment to continue to support this economy with ongoing bond buying and we see a new optimism in their forecast for 2021. These are both very positive for equity investors.”

Investors drove the Nasdaq up a half percent. The S&P 500 also finished higher. But industrials like Honeywell and Boeing dragged the Dow slightly lower.

Twitter shares shot higher for a fifth straight session. J.P. Morgan upgraded the stock to “overweight” from “neutral” and hiked its price target. The brokerage says it expects the social media company to stage a significant rebound in online advertising following a decline fueled by the pandemic.

Investors in cannabis producers are feeling a high. Tilray’s shares jumped by nearly 19 percent while Aphria inched lower after they agreed to merge, creating the world's biggest marijuana company.