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Stocks higher as Fed kicks off 2-day meeting

September 17, 2013 • Business


FILE – In this Monday, Sept. 16, 2013, file photo, specialist Frank Masiello works on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)

Stocks rose on Tuesday as investors shrugged off worries about what the Federal Reserve is up to.

Many expect the Fed to announce Wednesday that it will reduce its $85 billion monthly bond-buying program. Wall Street is hoping for a small reduction because the bond-buying has kept interest rates ultra-low and made it cheaper to borrow money.

The Dow Jones industrial average closed higher by 34.95 points, or 0.2 percent, at 15,529.73.

The Standard & Poor’s 500 index rose 7.16 points, or 0.4 percent, to 1,704.76. The S&P 500 was five points below its record high reached on Aug. 2. It has risen for three trading days in a row, and 10 of the last 11.

The Nasdaq composite was up 27.85 points, or 0.8 percent, at 3,745.70; it had the biggest percentage gain of the three big indexes.

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