Stocks in New York mounted a surprising advance yesterday as investors anticipated that the Federal Reserve's meeting today will bring the central bank close to the end of a year-long cycle of interest rate increases.
The Dow Jones industrial average rose 198.41 to close at 10,807.78. Broader stock indicators also turned higher after weakness early in the session.
According to preliminary calculations, the Nasdaq composite index rose 78.62 to 3,607.68, and the Standard & Poor's 500 rose 31.40 to 1,452.36.
Advancing issues outnumbered decliners by a three-to-two margin on the New York Stock Exchange, with 1,775 up, 1,146 down and 504 unchanged. NYSE volume totalled 845.79 million shares at the close compared to 853.87 million in the previous session.
The Russell 2000 index of smaller companies rose 6.87 to 497.81.
