Major U.S. stock indexes closed higher on Tuesday as labor cost data encouraged investors about the Federal Reserve's aggressive approach to taming inflation a day ahead of the central bank's critical policy decision.
The S&P 500 posted its first increase for the month of January since 2019, following a brutal 2022 in which the benchmark index sank 19.4%.
Aside from the Fed's rate decision on Wednesday, Chair Jerome Powell's news conference will be scrutinized for whether the rate-hiking cycle may be coming to a close and for signs of how long rates could stay elevated. "Jerome Powell and team are probably looking at this easing of financial conditions that has happened over the last month, and we will see if they try to push back against it to any extent," said Mona Mahajan, senior investment strategist at Edward Jones. "I don’t think they would want markets to move up too far, too fast either."
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