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U.S. stocks rose to record levels on Wednesday, boosted by tech names, ahead of the Federal Reserve’s interest rate decision.

The Nasdaq Composite climbed 0.6%, and the S&P 500 traded up 0.2%. The Dow Jones Industrial Average advanced 231 points, or 0.5%. All three leading U.S. indexes scored new all-time intraday highs in the trading day.

Nvidia shares were up nearly 4%, putting the chipmaker’s market capitalization above $5 trillion. It’s the first time a U.S. company reached such a valuation. The move put the stock on track for a five-day winning streak as well as its first back-to-back 4% gain since May. AMD followed Nvidia higher, rising more than 1%, while Micron jumped almost 4%.

Wall Street is coming off a second day of fresh records for the major averages. The S&P 500 rose 0.2% and topped 6,900 for the first time ever intraday, putting it on the cusp of a major milestone at 7,000.

Investors expect the stock market will continue to have its way so long as it’s able to make it through a rapid succession of tests this week. The Fed is widely expected to cut rates by a quarter point at the conclusion of its meeting Wednesday, but less certain is whether Chair Jerome Powell will strike a dovish tone in his post-meeting comments. Investors are counting on another interest rate cut from the central bank at its December meeting.

The five “Magnificent Seven” companies set to report this week are expected to continue spending on building data centers, but any disappointment from the megacap behemoths could hurt the broader market. Alphabet, Meta Platforms and Microsoft are set to report after the close on Wednesday. Apple and Amazon post results on Thursday.

Trade tensions between the U.S. and China already appear to have alleviated after progress over the weekend, but investors are now awaiting what comes of President Donald Trump’s meeting with Chinese President Xi Jinping in South Korea.

The warming relationship was a key driver in the market on Tuesday, according to Thierry Wizman, global FX & rates strategist at Macquarie Group.

“The market is seeing President Trump re-engaging with the rest of the world again (i.e., China and Japan), and this is a good thing, insofar as it may temper his desire for more tariffs,” Wizman said. “The prospect of seeing very high tariffs, especially on China, have diminished. To some extent, this also plays to the prospect that the Fed will be dovish too, given there is a connection between lower tariffs and lower inflation.”

To be sure, sky-high valuations and an ongoing government shutdown continue to remain risks for a market that is at all-time highs, even as analysts warn traders not to bet against this market.

“I anticipate that we’re going to continue to see enthusiasm as we go through this week,” Lauren Goodwin, chief market strategist at New York Life Investments, told CNBC’s “Closing Bell” on Tuesday. She added, “I think through the end of the year we’re free and clear.”

— CNBC’s Pia Singh contributed to this report.