The Dow Jones Industrial Average closed 0.31% higher, another record high, after the minutes from the Federal Reserve's policy-setting meeting indicated that an interest rate hike could come "relatively soon."

The Fed noted that inflation has been rising and that the labor market has improved.

"Most participants expressed a view that it could well become appropriate to raise the target range for the federal funds rate relatively soon," the Fed minutes said.

A rate hike in December has a high probability among Wall Street observers with any doubt after Donald Trump's recent election as U.S. president quickly evaporating. The chances of a December rate hike currently sit at 98%, according to CME Group fed funds futures.

In assessing the U.S. economy, the Fed minutes noted that "the staff's forecast for real GDP growth over the next couple of years was ... slightly lower than in the previous projection, primarily reflecting the effects of higher assumed paths for the dollar and for crude oil prices.

"Nonetheless, the staff projected that real GDP would expand at a modestly faster pace than potential output in 2017 and 2018, supported by solid gains in consumer spending and, to a lesser degree, by pickups in both residential and business investment. ... The unemployment rate was forecast to edge down gradually through the end of 2018 and then flatten out in 2019."

The Dow finished the day at 19,082. The S&P 500 rose by 0.08%, and the Nasdaq fell 0.11% as some biotech shares declined following a sharp drop in shares of Eli Lilly (LLY) .

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