Stocks Hit Record Highs as Fed Meeting Begins; Boeing to Cut 777 Production

U.S. stocks moved higher Tuesday, with the Dow Jones Industrial Average inching closer to 20,000. The Dow and the S&P 500 touched a fresh record high. The gains come as oil prices rose following an International Energy Agency report saying that if the recent OPEC production cuts are implemented, the oil market will move into a deficit in the first six months of 2017. That's something experts say would put upward pressure on prices. The Federal Reserve's December meeting is underway. Investors are pricing in a 95% chance of a rate hike. The decision will be announced in the Fed's statement, released at 2 p.m. Eastern on Wednesday. Boeing (BA) - Get Report shares moved higher after raising its dividend by 30% to $1.42 a share. Boeing also said it would scale back production of its twin-aisle 777 aircraft to five per month starting in August, compared to a previously issued target of seven per month. AB InBev (BUD) - Get Report shares rose after it agreed to sell its European beer brands to Japan-based Asahi Group ASBRY for $7.8 billion. The company is making the sale to appease European regulators follow its massive merger with SABMiller. TheStreet's Scott Gamm reports from Wall Street.