U.S. stocks close higher ahead of Fed meeting

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Added On September 19, 2017

NEW YORK, Sept. 18 (Xinhua) -- U.S. stocks ended higher on Monday, with Dow and S&P 500 closing at record highs, as investors were awaiting the closely-watched Federal Reserve meeting scheduled later this week.
 
The Dow Jones Industrial Average gained 63.01 points, or 0.28 percent, to 22,331.35. The S&P 500 added 3.64 points, or 0.15 percent, to 2,503.87. The Nasdaq Composite Index was up 6.17 points, or 0.10 percent, to 6,454.64.
 
Fed's two-day monetary meeting will kick off on Tuesday. It is widely expected that the central bank won't raise interest rates in the meeting, but investors are expecting the Fed to announce the unwinding of its 4.5-trillion-U.S.-dollar balance sheet.
 
Bruce Bittles, chief investment strategist at U.S. investment service firm Baird, said in a note on Monday that the Fed "faces no great urgency to raise the level of fed funds in 2017 considering inflation remains below Fed targets and given the uncertainty surrounding the economic effects of hurricanes Harvey and Irma."
 
U.S. stocks notched solid gains last week, with the Dow posting best weekly performance since December, as investors mainly focused on economic data.
Last week, the blue-chip Dow rose 2.16 percent, and the broader S&P 500 was up 1.58 percent, while the tech-heavy Nasdaq rallied 1.39 percent.