The S&P 500 Index ended higher on Tuesday after a choppy session in which each of the major indexes fluctuated between gains and losses as a key meeting of the Federal Reserve got under way.
Investors picked up shares of financials and technology companies ahead of Wednesday’s expected announcement by the Fed.
Eight of the 11 major S&P 500 sectors rose, with energy .SPNY and financials leading the gains.
The US central bank kicked off its two-day policy meeting on Tuesday.
Traders see a 99.9% chance of a 50 basis-point hike on Wednesday, according to CME’s Fed Watch Tool, which would mark the largest rate hike by the Fed since May 2000. IRPR
The spotlight stays on Fed Chair Jerome Powell’s news conference on Wednesday (May 4) for comments on the future path of interest rates and balance-sheet reduction.
According to preliminary data, the S&P 500 gained 20.04 points, or 0.48%, to end at 4,175.42 points, while the Nasdaq Composite gained 25.99 points, or 0.21%, to 12,562.01.
The Dow Jones Industrial Average rose 56.27 points, or 0.17%, to 33,117.77.
