Wall Street Closes Higher as Crude Steadies
U.S. stocks recovered from early losses on Monday to close higher, helped by firmer oil prices, as investors awaited an expected Federal Reserve interest rate hike later in the week.
The S&P 500 benchmark index rallied in the afternoon after falling earlier in the session in a volatile trading day. Concerns about high-yield bonds, oil price swings and the Fed made for a skittish market, said Peter Costa, president of Empire Executions Inc.
"It's a lot of uncertainty," he said.
While investors widely expect the Fed to announce its first rate hike in nearly a decade on Wednesday, they are also waiting for commentary from policymakers about what will happen next.
Traders see an 83-percent chance that the Fed will lift rates by 25 basis points, according to the CME Group's FedWatch program.