Wall Street surged higher today, hurtling the Dow Jones industrials past 12,500 for the first time as year-end bargain hunters picked up stocks across a variety of sectors.

US stocks drooped today after a robust reading on the economy, minutes from the most recent meeting of the Federal Reserve and the continuation of a solid earnings season cemented the feeling on the Street that additional rate hikes are a near certainty.

Investors concerned about slowing economic growth in the United States sent stocks sharply lower today after the Federal Reserve said it would continue raising interest rates.

A better-than-expected reading of the United States’ gross domestic product sent stocks substantially higher for the third straight session today, with the Dow Jones industrial average and Standard & Poor’s 500 index each posting its best close of the year.