U.S. stocks rebounded Tuesday, with the Dow Jones Industrial Average closing back in black after erasing gains for the year a day earlier. Market professionals are looking ahead to a statement from the U.S. Federal Reserve Wednesday, listening in for further clues as to when the central bank will lift interest rates for the first time in nearly a decade.
The Dow Jones Industrial Average (INDEXDJX:.DJI) gained 113.31 points, or 0.64 percent, to close at 17,904.48. The Standard & Poor’s 500 index (INDEXNASDAQ:.IXIC) added 11.86 points, or 0.57 percent, to end at 2,096.29. The Nasdaq composite (INDEXSP:.INX) rose 25.58 points, or 0.51 percent, to finish at 5,055.55.
For the year, the Dow has gained 81 points, or 0.5 percent and the S&P 500 index has added 37 points, or nearly 2 percent. The Nasdaq has gained 319 points, or 6.7 percent.
Dow component UnitedHealth Group Inc. (NYSE:UNH) led the index higher Tuesday, gaining 2 percent. Shares of UnitedHealth Group’s gained following a report that the insurance company has approached health care benefits company Aetna Inc. (NYSE:AET) about a potential takeover, valued at more than $40 billion, the Wall Street Journal reported.
U.S. stocks traded sharply higher Tuesday following the opening bell, with the Dow jumping 100 points, after concerns regarding Greece’s debt crisis were offset by anticipation ahead of the Federal Reserve’s two-day policy meeting.
The Fed kicked off its meeting Tuesday, and is scheduled to release a statement from the Federal Open Market Committee Wednesday at 2 p.m. EDT. Following the statement, investors will look for clues as to the timing of the central bank’s rate hike during Fed Chair Janet Yellen’s a press conference, scheduled at 2:30 p.m. EDT.
Most economists anticipate the Fed will announce lifting rates in September.