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Stock market live updates: Dow gains more than 100, new S&P record, VIX jumps to 6-week high

This is CNBC's markets live blog that will be updated throughout the day. 

The S&P 500 trimmed its gains after topping 3,500 for the first time ever, while a strong day in financials helped the Dow stay in the green. The market got a boost earlier from the Federal Reserve's policy shift to allow inflation to run higher than the standard 2% target before hiking interest rates. Here's what's happened: