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NEW YORK (CNNMoney)
The Dow Jones industrial average gained 0.5%, rising to a new intraday record high of 14,545. The Dow recently hit a string of record highs in its longest winning streak since 1996. The S&P 500 and the Nasdaq both rose about 0.6% Wednesday.
All three major indexes are up between 9% and 11% so far this year in a rally that has largely been driven by the Fed's stimulus policies.
While the Fed is not expected to announce any significant changes to its current monetary policies, when it releases its statement at 2 p.m. ET, investors always pay close attention to chairman Ben Bernanke's remarks.
Despite a recent string of stronger economic data, Bernanke is expected to reiterate his view that the economy is weak and needs support.
"We expect chair Bernanke to sound relatively dovish in his press conference," Camilla Sutton, currency strategist at Scotia Capital, wrote in her daily note to clients.
Related: Bracing for Bernanke buzzkill
Investors will also be monitoring developments out of Cyprus Wednesday after lawmakers voted against a tax on bank deposits, calling a bailout deal into question.
Worries about Cyprus sparked a choppy trading day Tuesday, with U.S. stocks ending mixed. But investors have been increasingly sanguine about the prospect of financial contagion spreading from the tiny island nation to larger economies in the euro area.
"Cyprus has a bit of time to go back to the drawing board and come up with a solution to its problems," said Nick Stamenkovic, strategist at RIA Capital Markets in Edinburgh, Scotland. "The market seems to take the view that the problem is relatively contained."
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In corporate news, FedEx (FDX, Fortune 500) widely missed earnings estimates and cut its outlook for the year. The company is often viewed as a bellwether for the broader economy due to the global scope of its business. FedEx also said it may temporarily ground some aircraft. Shares of rival UPS (UPS, Fortune 500) also fell.
BlackBerry (BBRY)shares jumped 5% after analysts at Morgan Stanley (MS, Fortune 500) upgraded the stock. The company will soon start selling its new Z10 smartphone to U.S. customers.
Shares of Lennar (LEN)rose 1% after the homebuilder reported better-than-expected earnings.
General Mills (GIS, Fortune 500) shares rose after the packaged food company said sales and earnings rose in the most recent quarter.
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Adobe Systems (ADBE) shares jumped a day after the graphics software maker beat earnings estimates.
Related: Fear & Greed Index gets greedy
European markets were higher in afternoon trading, while Asian markets posted gains. The Shanghai Composite added 2.7% and Hong Kong's Hang Seng advanced 1%. Tokyo's stock market was closed for the first day of spring.
The yield on the 10-year Treasury note edged higher to 1.95%. The U.S. dollar fell versus the euro and the U.K. pound, but rose versus the Yen. Oil prices edged higher while gold prices declined. 
First Published: March 20, 2013: 9:44 AM ET
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