U.S. stocks ended higher Monday, kicking the week off with gains led by the blue-chip gauge Dow Jones Industrial Average ahead of the Federal Reserve’s meeting this week. The Dow Jones Industrial Average DJIA, +1.20% rose more than 350 points to close 1.2% higher, while the S&P 500 SPX, +0.89% gained 0.9% and the technology-heavy Nasdaq Composite COMP, +0.39% climbed 0.4%, according to preliminary data from FactSet.
The Fed’s two-day policy meeting begins Tuesday, with many investors expecting the central bank to announce on Wednesday that it’s lifting its benchmark interest rate by a quarter of a percentage point to a target range of 4.75% to 5% in an effort to bring down high inflation. Fed-funds futures on Monday afternoon indicated a 73.1% chance of such a rate hike, according to the CME FedWatch Tool, at last check.
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