NEW YORK (MarketWatch) -- U.S. stocks rocketed higher on Wednesday, with the Dow industrials and S&P 500 both scoring record closes and their best gains since Oct. 10, as investors interpreted a Federal Reserve decision to taper stimulus measures as a sign that the economy is strengthening. The Dow DJIA, -0.87% surged 292.71 points, or 1.8%, to close at 16,167.97, topping its prior record close on Nov. 27. The S&P 500 SPX, -1.11% climbed 29.65 points, or 1.7%, to end at 1,810.65, finishing above its prior record close on Dec. 9. But both the Dow and S&P 500 stayed below intraday records hit Nov. 29. The Nasdaq Composite COMP, -1.07% jumped 46.38 points, or 1.2%, to finish at 4,070.06.