Investing.com - A consensus among investors that the Federal Reserve will raise interest rates a few basis points on Wednesday helped drive the Dow to near 20,000 today. The DJIA closed at 19911.21, up 114.78, an increase of 0.58%.
Investors are confident the U.S. economy is expanding, as witnessed by consumer confidence studies, jobs numbers, and factory output figures in recent weeks. The NASDAQ Composite market index was also up, as was the S&P 500 index. The NASDAQ closed at 5463.83, up 0.95%. The S&P 500 closed at 2271.72, up 0.65%.
Shares in Intel Corporation (NASDAQ:INTC) and International Business Machines Corp. (NYSE:IBM) powered advances in the markets as they head for a fresh record and closing milestone. The index has rallied 8.5% since the Nov. 8 election and now trades almost 7% higher than its average price for the past month and a half.
There is at the moment a strong rally across all market sectors, analysts said.
The expected rate hike from the Fed is already priced into the market.
Shares of Exxon Mobil Corporation today (NYSE:XOM). rose 2.2% after President-elect Donald Trump formally nominated CEO Rex Tillerson to lead the State Department.
The president-elect is also expected to name another energy industry expert to his cabinet, former Gov. Rick Perry (R-Texas), who is on the board of directors of an oil pipeline company that has been battling the Obama administration for regulatory approval in the upper midwest, Energy Transfer Partners LP . (NYSE:ETP).