A choppy day of trading on Wall Street ended with stocks closing higher Monday as investors brace for another big interest rate increase this week from the Federal Reserve.
The indexes swayed between modest gains and losses for much of the day before a burst of buying in the final hour of trading. The S&P 500 rose 0.7%, climbing back from a 0.9% slide. The Dow Jones Industrial Average rose 0.6% and the Nasdaq composite climbed 0.8%.
The yield on the 2-year Treasury, which tends to follow expectations for Fed action, rose to 3.94% from 3.87% late Friday. The 10-year yield, which influences mortgage rates, rose to 3.49% from 3.45%.Trading volume was lower than usual, a sign most traders were not eager to make big changes ahead of the Federal Reserve's interest rate policy announcement Wednesday afternoon, said Scott Ladner, chief investment officer at Horizon Investments.
Wall Street remains focused on inflation and the Federal Reserve's attempt to lower prices by aggressively raising interest rates. On Wednesday, the central bank will announce its latest decision on rates. It is expected to raise its benchmark rate, which influences interest rates throughout the economy, another three-quarters of a percentage point.
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