Mounting evidence that the Federal Reserve will raise interest rates this month

The spike in equities was led by banks, which will directly benefit from higher rates by improving margins on their lending. But there were gains across the board, with the S&P 500, Dow Jones Industrial Average, Nasdaq Composite and the Russell 2000 - a gauge of small-cap companies - all reaching new intraday highs.

[The Fed is willing to be on top of things and has greater confidence in the economy," said Jerry Lucas, a senior strategist at UBS Wealth Management.

Stocks charged higher despite disappointment among analysts that Donald Trump had failed in his first address to Congress on Tuesday night to provide more details on his plans to stimulate the US economy and cut regulation.

But the market`s willingness to focus on the more constructive tone of the speech underlined the fact that there is more to the global rally in equities than mere optimism about the president`s ambitions to cut corporate taxes and create jobs by investing in American infrastructure projects.

Investors said they were focused on recent remarks by Fed policymakers indicating they were prepared to raise rates at their meeting on March 14-15 regardless of Mr Trump`s budget plans. Previously, the Fed`s Open Market Committee said that details of White House intentions would play a central role in its rate decision.

Markets were particularly influenced by William Dudley, New York Fed president and an ally of chair Janet Yellen, who said that the case for raising rates had become [a lot more compelling".

[The [Fed] was adamant that March was live and the market wasn`t listening to them," said Ashish Shah, head of fixed income at AllianceBernstein. [Now the market is listening."

Investor appetite was also piqued by better-than-expected European and US manufacturing surveys. Global data are eclipsing forecasts by the most since 2010, according to Citigroup.

Traders now put the odds of a quarter-point rate rise in two weeks at more than 80 per cent, up from 34 per cent last week.

JJ Kinahan of TD Ameritrade said: [A rate hike now is viewed as a vote of confidence in the economy." In the past, hikes were seen as likely to [derail" the market, he added.

Investors were disappointed by Mr Trump`s lack of substance but the non-confrontational nature of the address boosted confidence that he can push through his pro-business agenda.

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