After The Bell: Stocks Rally Ahead Of Fed Meeting
(CBS) -- Stocks traded higher on Tuesday as investors digested mixed economic data and monetary policy options ahead of this week's important Federal Reserve meeting and statement. All three of the major indices traded over one percent higher for the session. The NASDAQ gained 55, the S&P 500 added 25 and the Dow Jones industrial average closed up nearly 229 points, settling to 16,599.
"A lot of people are speculating that Wall Street is trying to anticipate the Fed's decision. I think they are discounting the possibility that the Fed will not raise rates later this week and for that reason are celebrating." says Mark Hulbert, editor of the Hulbert Financial Digest.
He adds that he is skeptical of the reality of that explanation.
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