Dow closes almost 200 points high 

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The Dow closed up almost 200 points on Thursday as investors weighed future interest rate hikes. 

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The Fed is widely expected to raise rates at its meeting next week, and many believe another hike could come later this year.

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"Investors are still trying to digest the potential impact of higher interest rates on equities," said Peter Cardillo, chief market economist at First Standard Financial.

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The Dow was up 195.14 points, or 0.8%, to 24,706.35, led by gains in Boeing, Caterpillar and Goldman Sachs. 

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The S&P 500 rose 14.61 points, or 0.6%, to 2,711.45, with energy and materials leading the way. 

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The Nasdaq composite was up 36.70 points, or 0.5%, to 7,344.24.As tensions between North Korea and the United States have weighed on sentiment.

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The major indexes have been volatile in recent weeks as investors wrestle with the potential for faster rate hikes. 

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Thursday's gains put the Dow and S&P 500 on track for their third straight day of gains.

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"The market is still in a holding pattern ahead of the Fed meeting next week," said Randy Frederick, vice president of trading and derivatives at Charles Schwab. 

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"I think there's a lot of apprehension about what the Fed might do."

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