Wall Street’s S&P500 and Nasdaq indices hit record closing highs Monday, July 26, buoyed by optimism about earnings from major technology companies that will announce results this week, but caution ahead of the Federal Reserve’s monetary policy meeting limited market gains.
The Federal Reserve begins a two-day meeting tomorrow, Tuesday, and all eyes will be on whether the Fed will raise any new concerns about rising inflation when it concludes its meeting on Wednesday.
In June, the Fed signaled that it might start raising interest rates twice in 2023, sooner than previously expected.
The Dow Jones Industrial Average ended the trading session up 83.36 points, or 0.24%, to 35,144.91 points, while the benchmark S&P 500 index rose 10.51 points, or 0.24%, to close at 4422.30 points.
The Nasdaq Composite Index closed up 3.72 points, or 0.03%, to 14,840.71 points.