Stocks climbed to more record highs Wednesday after the Federal Reserve said it will begin dialing back the extraordinary aid for the economy it has been providing since the early days of the pandemic.

The Fed said it will begin reducing its $120 billion in monthly bond purchases in the coming weeks by $15 billion a month. The central bank’s announcement was in line with what markets expected.

On Wednesday:

The S&P 500 rose 29.92 points, or 0.6%, to 4,660.57.

The Dow Jones Industrial Average rose 104.95 points, or 0.3%, to 36,157.58.

The Nasdaq rose 161.98 points, 1%, to 15,811.58.

The Russell 2000 index of smaller companies rose 42.42 points, or 1.8%, to 2,404.28.

For the week:

The S&P 500 is up 55.19 points, or 1.2%.

The Dow is up 338.02 points, or 0.9%.

The Nasdaq is up 313.20 points, or 2%.

The Russell 2000 is up 107.08 points, or 4.7%.

For the year:

The S&P 500 is up 904.50 points, or 24.1%.

The Dow is up 5,551.10 points, or 18.1%.

The Nasdaq is up 2,923.30 points, or 22.7%.

The Russell 2000 is up 429.42 points, or 21.7%.