U.S. stocks closed just above Tuesday after a shaky session when investors largely remained cautious and refrained from taking significant steps before announcing the Federal Reserve’s monetary policy.
All major averages ended slightly higher, despite remaining rather sluggish for most of the day session.
The Dow ended the gain by 67.29 points or 0.2 percent to 33,128.79 after moving between 32,914.75 and 33,341.58. The S&P 500 rose to 4,175.48, up 20.10 points or 0.48 percent, while the Nasdaq rose 27.74 points or 0.22 percent to 12,563.76.
Some encouraging revenue updates and fairly strong economic data have boosted sentiment ahead of the announcement of the central bank’s policy, which is due to be released on Wednesday.
The Fed is expected to raise interest rates by 50 basis points, which is the sharpest rate increase in 22 years. The accompanying statement sought clues as to how aggressively the central bank plans to tighten monetary policy.
On the economic front, new orders for U.S.-made goods rose more than expected in March, according to a statement released by the Department of Commerce.
The report shows that factory orders rose 2.2 percent in March after a revised 0.1 percent increase in February. Economists expected plant orders to jump 1.1 percent compared to a 0.5 percent drop, originally reported the previous month.
Meanwhile, data showed that the number of vacancies in the US increased by 205,000 compared to the month before to 11.549 million in March 2022.
Boeing shares rose nearly 3.5 percent. JP Morgan Chase, Verizon, Chevron, 3M and Goldman Sachs received 1 to 2 percent.
Shares of Pfizer Inc rose about 2 percent after first-quarter revenue was $ 25.7 billion, reflecting 82 percent growth in operations.
Nike fell about 2.5 percent. Visa, P&G and Microsoft also ended up significantly lower.
In foreign exchange, Asian stocks ended Tuesday’s session mostly lower as investors prepared for the Federal Reserve meeting on Wednesday, and the central bank is ready to announce the biggest rate increase since 2000. It is likely that the rate increase of 50 basis points along with plans to reduce the balance will be presented at the meeting in an attempt to control inflation.
The main European markets closed higher, bouncing on a lucrative hunt after a sharp loss in the previous session. The pan-European Stoxx 600 rose 0.53 percent. Britain’s FTSE 100 was up 0.22 percent, Germany’s DAX was up 0.72 percent and France’s CAC 40 was up 0.79 percent.
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