The five-year bull market in U.S. stocks got a new lease on life, as investors embrace the steady-as-she-goes message the Federal Reserve is delivering on the economy and interest rates.

The Dow Jones Industrial Average rose to a record and the dollar jumped to a six-year high against the yen, after the Fed took tentative steps toward unwinding its historic easy-money policies while reassuring investors that rates will remain low even as the economy expands.

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