The Dow traded narrowly into positive territory Tuesday after the Federal Reserve pledged for the first time to keep its benchmark interest rate at a record low through at least mid-2013 in an effort to try and revive the slow-growth U.S. economy. The Dow was up 1.44 points, to 10,811.29 at 2:30 p.m. ET Tuesday.

The NASDAQ was up 33.65 points to 2,391.12, or 1.3 percent, while the S&P was up 8.60 points to 1,128.06, or 0.66 percent.

On Monday, all three major indexes lost more than four percent in the worst U.S. market day since the fall 2008 recession. Each of the S&P's 500 indexed stocks declined, the first time that has ever happened.

Investors were concerned about the slow-growth economy and the threat of a new recession. They were eagerly awaiting word from the Fed Tuesday about future efforts to stave off recession and support the slow-growth economy.

The Federal Open Market Committee discussed a range of policy tools to bolster the U.S. economy, and said Tuesday in a statement it is "prepared to employ these tools as appropriate."

The Fed's move is its biggest effort since November to try and boost the economy, while also reviving confidence.

The Fed's view of the state of the economy was dimmer than it was in its last statement, given in June -- a sign of deteriorating conditions requiring stronger actions.

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