U.S. Stocks Close Near Record Levels After Moderate Gains

U.S. stocks closed higher on Wednesday as the latest Federal Reserve meeting showed that policy makers expected a faster pace of rate hikes in 2017. Most Fed officials indicated that upside risks to their growth forecasts had increased as a result of prospects for "more expansionary fiscal policies in coming years." The Dow Jones Industrial Average gained 60.47 points or 0.3%, at 19,942.23, less than 60 points below the psychologically important 20,000 level and fractionally below the record set last month. The S&P 500 advanced 12.92 points, or 0.6%, to 2,270.75, a point below its all-time high set in December. The Nasdaq Composite ended the session up 47.92 points, or 0.9%, at 5,477.00. T

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