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U.S. equities traded higher on Tuesday, as investors kept an eye on Federal Reserve’s monetary policy nextmeeting.

The Dow also hit a new intraday high after Tuesday's open, briefly rising more than 100 points, with IBM contributing the most gains. Some analysts think that Dow will rise soon above 20,000. The S&P 500 also hit a new intraday record, rising 0.4 percent, with information technology gaining 1.3 percent to lead all sectors higher.

The Nasdaq composite outperformed, advancing 0.9 percent to a new all-time high. Speculation that fiscal easing in the U.S. will drive growth is pushing investors into stocks. With the market assigning 100 percent odds to a Fed rate hike Wednesday, investors see a two-in-three chance of additional tightening by June next year.

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