U.S. stocks closed mixed on Wednesday as investors digested a number of economic data, including minutes from the Federal Reserve's November meeting.
The minutes released on Wednesday back the consensus view on Wall Street that the Fed is poised to raise rates in December. Policymakers left borrowing costs unchanged earlier this month, just days before Republican Donald Trump triumphed in the Nov. 8 presidential contest.
"There's nothing groundbreaking here. This is just reiterating the fact that the minority is pushing for a rate hike," said Lindsey Piegza, chief economist at Stifel Fixed Income. "It really sets us up for a key meeting in just a few weeks."
Voting members of the Fed's rate-setting committee saw equal risks the economy would overshoot or undershoot their forecasts for continued growth and a tightening labor market. "Almost all of them continued to judge that near-term risks to the economic outlook were roughly balanced," according to the minutes.
According to the CME Group's FedWatch tool, market expectations for a rate hike next month are more than 95 percent.
Peter Cardillo, chief market economist at First Standard Financial said a December rate hike has already been priced in by the market, but "what's not baked in is the notion that the Fed might bee forced to raise rates faster than expected."
The Dow Jones industrial average set a new intraday record in midmorning trade, and rose about 58 points higher, with Caterpillar contributing the most gains, also notching a record close. The S&P 500 closed marginally higher, as industrials led advancers, but still managed to close at a record high.