Stocks closed modestly higher on Wall Street Tuesday as investors await Wednesday’s decision by the Federal Reserve on interest rates.
The S&P 500, the Dow Jones Industrial Average and the Nasdaq rose. The Fed is expected to raise its benchmark rate by twice the usual amount this week as it steps up its fight against inflation, which is at a four-decade high. Banks and other financial stocks helped lift the market.
Energy stocks gained ground following solid earnings reports from BP and Devon Energy.
The S&P 500 rose 20.10 points, or 0.5%, to 4,175.48.
The Dow Jones Industrial Average rose 67.29 points, or 0.2%, to 33,128.79.
The Nasdaq rose 27.74 points, or 0.2%, to 12,563.76.
The Russell 2000 index of smaller companies rose 15.94 points, or 0.8%, to 1,898.86.
For the week:
The S&P 500 is up 43.55 points, or 1.1%.
The Dow is up 151.58 points, or 0.5%.
The Nasdaq is up 229.12 points, or 1.9%.
The Russell 2000 is up 34.75 points, or 1.9%.
For the year:
The S&P 500 is down 590.70 points, or 12.4%.
The Dow is down 3,209.51 points, or 8.8%.
The Nasdaq is down 3,081.21 points, or 19.7%.
The Russell 2000 is down 346.46 points, or 15.4%.