Energy stocks were big winners today
Stocks closed higheras the Fed meeting kicked off, with markets anticipating an interest rate hike tomorrow. Investors are also waiting to dissect new Fed Chair Jerome Powell's first news conference for additional clues on future monetary policy. The Dow finished over 100 points higher, thanks to strong performances from Boeing (BA) and Nike (NKE). Energy stocks powered the S&P 500 higher, thanks to rising oil prices, and even the Nasdaq closed the day in the black, despite another day of losses for Facebook (FB) stock, which fell amid reports of a Federal Trade Commission (FTC) investigation.
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The S&P 500 Index (SPX - 2,716.94) added 4 points, or 0.2%. The Nasdaq Composite (IXIC - 7,364.30) gained 20.1 points, or 0.3%.
The Cboe Volatility Index (VIX - 18.20) finished 0.8 point, or 4.3%, lower.
Data courtesy of Trade-Alert
April-dated crude futures rose $1.34, or 2.2%, to end at $63.40 per barrel -- a new three-week high. Prices were driven higher by tension between Saudi Arabia and Iran, on top of mounting concern over falling production in Venezuela.
Gold futures for April delivery lost $5.90, or 0.5%, to close at $1,311.90 an ounce, the lowest point since March 1. A stronger dollar lessened demand for the metal ahead of the Fed's likely interest rate hike on Wednesday.