FM:CC - Stocks Rise to Start Big Fed Week
Stocks closed higher on Monday in a volatile trading session ahead of the Federal Reserve's two-day policy meeting slated to kick off Tuesday.
The Dow Jones Industrials screamed higher 197.26 points to end Monday at 31,019.68.
The S&P 500 recovered 26.56 points to 3,899.89.
The NASDAQ Composite grabbed 86.62 points to 11,535.02.
Stock wavered between gains and losses throughout the session, with the 30-stock index down as much as 263 points earlier in the day. At session lows, the S&P 500 and NASDAQ shed more than 0.9% each.
Investors are focused on the Fed's latest policy meeting slated to begin Tuesday. The central bank is expected to raise interest rates by another three-quarters of a point, though investors are also watching for guidance about corporate earnings before the next reporting season begins in October.
Beyond the Fed meeting, there are just a few economic data releases on deck this week, including August housing starts on Tuesday and initial jobless claims on Thursday.
Treasury prices lost ground, raising yields to 3.49% from Friday's 3.45%. Treasury prices and yields move in opposite direction.
Oil prices staggered 38 cents to $85.49 U.S. a barrel.
Gold prices inched up 50 cents to $1,684.00 U.S. an ounce.