The Dow Jones industrial average and the S&P 500 hit record highs on Wednesday, CNBC reported.
"The Dow Jones industrial average briefly rose 100 points, hitting a new record intraday high, as Goldman Sachs and Chevron contributed the most gains," the article said. "The S&P 500 gained about 0.1 percent, after also reaching record levels, with energy spiking about 4.5 percent to lead advancers."
Additionally, OPEC is reportedly in a deal to cut production, which will help stocks, experts say.
"Oil is leading the way and we had some very good economic data," said Peter Cardillo, chief market economist at First Standard Financial. "The oil deal is good news and it should help stocks. The economic news is even better because it points to better growth."
Stocks are expected to rise 9 percent in 2017 as a result of the policies that President-elect Trump will likely implement, according to JPMorgan's 2017 playbook.
"The recent U.S. election outcome and the pro-growth agenda of the new administration, if carried through, will likely increase the longevity of the expansion phase," said Dubravko Lakos-Bujas, a U.S. equity strategist. "We expect S&P 500 to reach 2,400 by year-end 2017, implying 9 percent upside."
