By Caroline Valetkevitch
NEW YORK (Reuters) - The S&P 500 and Nasdaq ended higher on Tuesday, boosted by gains in the technology and utilities sectors, and shares of media and telecom companies jumped in extended trade after AT&T won court approval to buy Time Warner.
Twenty-First Century Fox Inc
Gains were limited during the regular session by investor caution ahead of the Federal Reserve's policy decision. The Fed is widely expected to raise interest rates for the second time this year when it concludes its two-day policy meeting on Wednesday.
Investors are focused on how the Fed characterizes its monetary policy, looking for hints on whether it would move to raise rates three or four times this year.
"People are unsure what the Fed is going to say," said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.
"I don't think they're going to say anything particularly related to a rate hike in December," he said. "If they say a little too much about inflation, that's going to give the market a reason to get concerned."
The Dow Jones Industrial Average <.DJI> fell 1.58 points, or 0.01 percent, to 25,320.73, the S&P 500 <.SPX> gained 4.85 points, or 0.17 percent, to 2,786.85 and the Nasdaq Composite <.IXIC> added 43.87 points, or 0.57 percent, to 7,703.79.
Data on Tuesday showed U.S. consumer prices rose marginally in May as gasoline price increases slowed and the underlying trend continued to suggest moderate inflation in the economy.
Investors showed little reaction to the historic U.S.-North Korea summit. President Donald Trump and North Korean leader Kim Jong Un pledged to work toward complete denuclearisation of the Korean peninsula, but their joint statement gave few details on how the goal would be achieved.
Declining issues outnumbered advancing ones on the NYSE by a 1.02-to-1 ratio
The S&P 500 posted 4,241 new 52-week highs and 22 new lows; the Nasdaq Composite recorded 154,139 new highs and 2,622 new lows.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)