ONE DIRECTION: All the major U.S. stock indexes were up Tuesday. Reports of increased home building and low inflation helped boost the market, but the Federal Reserve's Wednesday afternoon news conference was top of mind for many investors.

A LONG TIME COMING: Investors want to know more about how long the Fed plans to keep in place its programs meant for energizing the economy. The market has been uneven since May 22, when Fed Chairman Ben Bernanke said the central bank could start reining in its bond-buying program.

NO CIGAR: The Russell 2000, an index of small-company stocks, closed at a record high. But it fell just short of the 1,000 mark, closing at 999.99.