The Dow Jones Industrial Average became the first major U.S. stock index to set a record since the Federal Reserve started raising interest rates.

Investors on Wednesday drove the blue-chip index up 512.30 points to 37090.24, after Federal Reserve officials penciled in three interest-rate cuts next year at the conclusion of their December meeting. The benchmark topped its previous closing high of 36799.65 set on Jan. 4, 2022. The 30-stock index has risen for six consecutive weeks and is up 12% this year.