U.S. stocks set fresh records on Tuesday with the Dow Jones Industrial Average closing at a high for the seventh session in a row, as it moved within 100 points of the 20,000 milestone. Both the S&P 500 index and the Nasdaq also ended at record levels.
All this has happened before the Federal Reserve delivers its rate announcement today. The bank is widely expected to raise its benchmark interest rate by 25 basis points.
Will that have much of an effect on the markets? Most observers think it won't. The Fed's decision is considered almost a foregone conclusion, so it has already been baked in to stock prices.