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Stocks rose slightly on Tuesday, but gains were capped as the Federal Reserve kicked off a two-day monetary policy meeting.
The Dow Jones Industrials moved into positive territory by 33.98 points to end the session at 27,110.88
The S&P 500 recovered 7.74 points to 3,005.70.
The NASDAQ Composite gained 32.47 points to 8,186.02.
Real-estate stocks were the best performers as Treasury yields dipped. The sector rose 1.4%
Strong U.S. manufacturing data and a drop in oil prices helped keep the stock market’s losses in check.
Bank stocks fell broadly, as Citigroup, J.P. Morgan Chase and Bank of America all slid at least 0.5%
The Fed meeting is scheduled to end Wednesday, when the central bank is expected to announce its latest decision on monetary policy.
The Fed is largely expected to cut rates by 25 basis points. That would be the central bank’s second rate cut of 2019.
Prices for the benchmark 10-year U.S. Treasury gained ground, lowering yields to 1.81% from Monday’s 1.85%. Treasury prices and yields move in opposite directions
Oil prices stepped back $3.78 to $59.12 U.S. a barrel.
Gold prices dipped $1.70 to $1,509.80 U.S. an ounce.
