Stocks closed Tuesday higher, just ahead of the Federal Reserve's Wednesday meeting, where the central bank is set to make a pivotal interest rate decision. Many on Wall Street anticipate the Fed will raise rates by 50 basis points. Concerns in the global economy are also mounting, amid the ongoing war in Ukraine and China's new pandemic-related lockdowns. Despite the aforementioned anxieties, the Dow added 67 points today, while the Nasdaq and S&P 500 both finished solidly in the black.
The Dow Jones Average (DJI - 33,128.79) added 67.29 points or 0.2% for the day. More than half of the Dow components finished today higher, led by Boeing's (BA) 3.3% pop. Meanwhile, Nike (NKE) lost 2.6% to round out the laggards.
The S&P 500 Index (SPX - 4,175.48) rose 20.1 points, or 0.5% for the day, and the Nasdaq Composite (IXIC - 12,563.76) gained 27.7 points, or 0.2% for the day.
Lastly, the Cboe Market Volatility Index (VIX - 29.25) shed 3.1 points or 9.6% for the day.
RUSSIAN SANCTIONS, CHINESE LOCKDOWNS WEIGH ON BLACK GOLD
Oil prices took a step back on Tuesday, as traders digest news of the EU's latest embargo on Russian crude, as well as the dent on demand in the wake of China's wave of Covid-19 lockdowns. As a result, June-dated crude lost $2.76 or 2.6%, to close at $102.41 per barrel.
Meanwhile, Treasury yields are pulling back and the U.S. dollar is easing, helping gold futures finish the day with a modest win. One day removed from its worst in two months, June-dated gold managed to add $7.00, or 0.4%, to settle at $1,870.60 an ounce.
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