The S&P 500 Index closed higher on Tuesday after a choppy session that saw each of the major indexes teeter between gains and losses as a key Federal Reserve meeting got underway.
Investors turned to financials and technology companies ahead of the Fed’s expected announcement on Wednesday.
Eight of the 11 major S&P 500 sectors rose, with energy .SPNY and financials leading gains.
The US Federal Reserve opened its two-day monetary policy meeting on Tuesday.
Traders see a 99.9% chance of a 50 basis point rate hike on Wednesday, which would mark the Fed’s biggest rate hike since May 2000, according to CME’s Fed Watch Tool. IRPR
Fed Chair Jerome Powell’s press conference on Wednesday (May 4) will continue to be in the spotlight with comments on future interest rates and balance sheet shrinking.
According to preliminary data, the S&P 500 rose 20.04 points, or 0.48%, to 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.
The S&P 500 finishes higher after a choppy session ahead of the Fed – SABC News
Source link The S&P 500 finishes higher after a choppy session ahead of the Fed – SABC News