However, market gains capped ahead to the Federal Reserve's two-day monetary policy meeting on Tuesday and Wednesday. The Fed is widely expected to leave interest rates unchanged as inflation data released last week showed that the consumer prices in the US rose in February, but the central bank's accompanying statement and economic projections could have a significant impact on the outlook for rates.
At closing bell, the Dow Jones Industrial Average index advanced by 75.66 points, or 0.2%, to 38,790.43. The S&P500 index added 32.33 points, or 0.63%, to 5,149.42. The tech-heavy Nasdaq Composite index grew 130.27 points, or 0.82%, to 16,103.45.
Total 9 of the 11 major S&P 500 sectors inclined, with communication services sector being top performer, rising 2.96%, while real estate sector was bottom performer, falling 0.02%.
Shares of Alphabet surged after reports stated Apple is in talks to build Google's Gemini artificial intelligence engine into the iPhone.
Tesla shares closed stronger after the electric carmaker announced that it would raise the price of its Model Y EVs in Europe.
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Nvidia shares also gained ahead of its GTC Conference, where the chipmaker is expected to provide updates on its AI initiatives.
ECONOMIC NEWS: Report released by the National Association of Home Builders showed an unexpected improvement in U.S. homebuilder confidence in the month of March. The report said the NAHB/Wells Fargo Housing Market Index rose to 51 in March from 48 in February.
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