Stocks moved higher on Monday amid some merger news, positive economic reports, and month-end portfolio adjusting. However, gains were tempered ahead of Tuesday’s Federal Reserve meeting on interest rate policy.
The Dow Jones industrial average rose 37.3 points, or 0.36%, to 10,440.07. The broader Standard & Poor’s 500 index was up 8.6 points, or 0.72%, to 1,207.01. The tech-heavy Nasdaq composite index gained 30.42 points, or 1.46%, to 2,120.3.
Tuesday’s Federal Reserve policy meeting is universally expected to result in a 25 basis point hike in the federal funds rate to 4%. The wording of the policy statement will be closely watched, as usual.
