NEW YORK: Wall Street stocks advanced on Monday ahead of a highly-anticipated Federal Reserve meeting, with a big gain in Facebook boosting the Nasdaq.
The Dow Jones Industrial Average edged up 22.92 points to 26,112.53, while the broad-based S&P 500 added 2.69 points at 2,889.67. Although a rate cut is not expected this week, the US central bank could bolster expectations for lower rates later in the year when it concludes a two-day meeting on Wednesday.In a fresh sign suggesting economic weakness, the Federal Reserve Bank of New York reported that manufacturing activity in New York State took a record dive this month and fell into contraction."It's a regional index.
Array BioPharma surged 57 per cent as it agreed to be bought by Pfizer for US$11.4 billion. Pfizer climbed 0.3 per cent.