The Fed kicked off a two-day monetary policy meeting at which the central bank is widely expected to hold interest rates steady. Investors will monitor Fed Chair Jerome Powell's comments for clues about its future plans.Shares in heavy-machinery maker Caterpillar fell as signs of slowing machinery demand overshadowed a quarterly earnings beat. And drugmaker Amgen's stock lost ground as third-quarter sales of some high-profile medicines were below expectations.
However the strategist was wary of upcoming events that could be huge catalysts for bonds and in turn equities. Along with the Fed's policy update, he will also watch the U.S. Treasury Department's announcement about its financing plans. According to preliminary data, the S&P 500 gained 26.93 points, or 0.65%, to end at 4,193.75 points, while the Nasdaq Composite gained 61.76 points, or 0.48%, to 12,851.24. The Dow Jones Industrial Average rose 123.01 points, or 0.37%, to 33,051.97.
Earlier, data showing a solid increase in U.S. labor costs in the third quarter prompted some concerns the Fed could keep interest rates higher for longer.
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