Stocks edge higher as Fed kicks off 2-day meeting
NEW YORK (AP) — Stocks are up for a third day in a row, sending the Standard & Poor’s 500 index closer to a record high.
Investors seem to have accounted for the likelihood that the Federal Reserve will announce a slowing of its economic stimulus program on Wednesday.
The Dow Jones industrial average rose 35 points, or 0.2 percent, to close at 15,529 points Tuesday.
The S&P 500 rose seven points, or 0.4 percent, at 1,704. The S&P 500 is five points below its record high reached on Aug. 2.
Technology stocks rose more than the rest of the market. The Nasdaq composite rose 27 points, or 0.8 percent, to 3,745.
Two stocks rose for every one that fell on the New York Stock Exchange. Volume was lighter than average, 2.8 billion shares.