US stocks closed higher on Tuesday, with utilities and energy companies faring best as investors looked ahead to Wednesday’s Federal Reserve policy announcement.
Wall Street’s benchmark S&P 500 added 0.6 per cent. International Paper was the best performer, rising 11 per cent. Super Micro Computer was the biggest faller, declining by just under 9 per cent. The Nasdaq Composite rose 0.4 per cent.
“Today was a quiet victory for the bulls,” said Mike Zigmont, head of trading and research at Harvest Volatility Management.
Fed chair Jay Powell’s press conference will be the focus for investors, he added. “The Street really wants to hear about the potential for [interest rate] cuts.”
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