The Dow Jones Industrial Average is poised to become 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 more than 225 points to 36805, after Federal Reserve officials penciled in three interest-rate cuts next year at the conclusion of their December meeting. The rally puts the benchmark on the cusp of topping 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 10% this year through Tuesday.