The Dow Jones Industrial Average and the S&P 500 both set record highs on Tuesday, and were on track to close in record territory for the third consecutive session on optimism about tax reform.
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This comes after U.S. President Donald Trump took to Twitter (NYSE:TWTR) this morning, stating:
‘Consumer Confidence is at an All-Time High, along with a Record High Stock Market. Unemployment is at a 17 year low. MAKE AMERICA GREAT AGAIN! Working to pass MASSIVE TAX CUTS (looking good).”
In commodities, oil was also higher while safe haven gold suffered as investors’ risk appetite increased. On Wednesday, markets will look to the conclusion of the Fed’s two-day policy-setting meeting. It is widely expected that the Fed will increase interest rates.
According to the CME’s FedWatch Tool, the likelihood for a December rate hike stood at 87.6%.