Wall Street market: US stocks close high on bargain-hunting ahead of Fed meeting

The broad market saw absorption at low on Monday after suffering from big selling, which pushed the main indices to close high. However, cautious mood still dominated the market as investorsˇ¦ concerns on rate-cut range ahead of FOMC to be held today.Dow Jones closed at 9959.11, up 135.70. S & P 500 edged up 20.28 to close at 1170.81. Nasdaq gained 60.28 to close at 1951.19.In New York Exchange, a total of 2142 stocks surged while 1178 stocks slumped, 238 stocks stayed unchanged.According to dealers, Dow Jones and Nasdaq both opened high over bargain-hunting on Monday after selling frenzy last week. But uneasy mood in the market pulled the indices down. Things became better in the afternoon session and Dow Jones regained support at 9800 level.They said rumors on rate-cut range dominated the direction of the broad market. Most investors expected a rate-cut range of 0.5% while many expected it would reach 0.75%. 

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