Investors bid stocks modestly higher Tuesday on expectations that the Federal Reserve will not raise rates after 17 straight quarter-percentage point hikes over the last two years, the Associated Press reports. Many on Wall Street expect the Fed to keep the nation’s benchmark rate steady at 5.25 percent after its meeting Tuesday afternoon, given the slowdown in overall economic growth and a string of lower-than-expected job creation reports.
In late morning trading, the Dow Jones industrial average rose 35.78, or 0.32 percent, to 11,255.16. Broader stock indicators also moved higher. The Standard & Poor’s 500 index added 2.92, or 0.23 percent, to 1,278.69, and the Nasdaq composite index gained 4.13, or 0.2 percent, to 2,076.63.
