Stocks traded back and forth between positive and negative territory on Monday, closing barely changed as investors braced for the Fed meeeting that starts Tuesday. Bobbi Rebell reports.
Wall Street began the week in a see-saw session, closing barely changed, but to the downside with gains in banks but downward pressure from Apple. On Tuesday, the Fed will begin its two-day policy meeting, and will decide whether to raise interest rates. Investors don't expect the Fed to move until December. Michael Jones of RiverFront Investment Group: SOUNDBITE: MICHAEL JONES, CHAIRMAN AND CHIEF INVESTMENT OFFICER, RIVERFRONG INVESTMENT GROUP (ENGLISH) SAYING: "If there is going to be anything out of the Fed, it is probably going to be some hawkish language that sort of sets the stage for future rate increases. If they are going to surprise people, it may be in their October meeting. Everybody thinks they won't do it right in front of an election but they may just defy folks just to spite them." General Motors stock moving higher on a Morgan Stanley upgrade, which says it believes GM's business can remain relevant and profitable for longer than the market thinks. U.S. home builder sentiment unexpectedly rose in September to its strongest level in 11 months according to the National Association of Home Builders and Wells Fargo, thanks to more buyer interest after a summer lull. Turning to Europe: shares edged higher in a modest rebound after two straight weeks of losses.