Wall Street hovers near record high after Fed rate hike

Fed Chair Janet Yellen also cited an improving labor market and evidence of faster inflation for its 2017 rate outlook. The central bank's decision to raise rates comes as Trump, who will be sworn in next month, is expected to cut taxes and boost spending on infrastructure. "Investors are buying Yellen's story that the rate hike is a vote of confidence in the economy," said Dave Donabedian, chief investment officer of Atlantic Trust in Boston.