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NEW YORK -- Stocks closed higher today on optimism that the Federal Reserve Board will leave interest rates alone tomorrow. The Dow Jones industrial average closed up 33.33 at 11,079.81. The Standard & Poor's 500 index rose 7.76 to 1,499.48, and the Nasdaq index rose 22.81 to 3,953.15. Dow gains 33
Associated Press
Decliners beat advancers by a 6-to-5 margin with 1,477 down, 1,325 up, and 525 unchanged on the New York Stock Exchange. Volume came to 729.97 million shares, well below Friday's 817.55 million. The NYSE composite index rose 2.21 to 671.16; the American Stock Exchange composite index gained 3.03 to 920.52; and the Russell 2000 index was up 0.94 at 516.45.
The 30-year Treasury bond price fell point, or $2.50 per $1,000 face amount, as its yield rose 2 basis points to 5.71 percent. The 2-year note fell 1/32 point; its yield rose 2 basis points to 6.27 percent. The 10-year note fell 1/32 point; its yield rose 1 basis point to 5.78 percent.
Stock trading has been light recently as traders look ahead to tomorrow's Federal Reserve meeting. Analysts said most investors stayed on the sidelines today, not willing to gamble whether the Fed will raise rates or leave them stable. Nevertheless, conventional wisdom holds that the Fed is done with its credit-tightening and will leave rates alone for the time being. The Fed has raised rates six times in the past 14 months in an effort to slow the economy and stave off inflation.
Tech issues, led Intel, extended a rally that began last week. Intel's shares rose $1.50 to $72.06 after an analyst raised his earnings forecasts for the company.