NEW YORK — U.S. stocks drifted to a mixed close near their all-time highs ahead of a highly anticipated meeting of the Federal Reserve. The S&P 500 edged just barely higher Tuesday. The Dow Jones Industrial Average slipped less than 0.1%, pulling slightly below the record high it set a day earlier. The Nasdaq composite rose 0.2%, driven by gains for Big Tech companies including Microsoft and Intel.
Microsoft rose 0.9% after increasing its dividend and announcing a program to deliver up to another $60 billion to investors by buying back stock. Since then, excitement has built about an announcement scheduled for Wednesday afternoon from the Federal Reserve. The unanimous expectation on Wall Street is that the Fed will deliver the first cut to its main interest rate in more than four years.
While lowering rates gives a boost to the overall economy and to financial markets, it can also give inflation more fuel. Some critics say the Fed is already moving too late to help the economy, while others warn of inflation staying stubbornly higher than it has in the past. “This data isn’t going to decide the issue for the Fed, one way or the other,” Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley, said about the size of Wednesday's rate cut.
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