Stocks Notched Record Closes

U.S. stocks notched record closes on Tuesday ahead of the Federal Reserve’s interest-rate decision Wednesday. The Dow Jones Industrial Average rose 114.7855 points, or 0.58%, to 19,911.21. The S&P 500 gained 14.76 points, or 0.65%, to 2,271.72. The Nasdaq Composite added 51.29 points, or 0.95%, to 5,463.83.

The Fed is widely expected to announce an increase in the target range for its federal funds rate to between 0.5% and 0.75% when its two-day meeting wraps up Wednesday, analysts agree.

Oil futures settled Tuesday at their highest level since July 2015 after an energy watchdog lifted its demand forecast for this year and predicted that planned output cuts by major oil-producing nations will stabilize prices. January West Texas Intermediate crude tacked on 15 cents, or 0.3%, to settle at $52.98 a barrel. February Brent crude added 3 cents, or less than 0.1%, to $55.72 a barrel.

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