US stocks showed positive momentum today in anticipation of the Federal Reserve's rate decision, scheduled to be announced at 2 p.m. ET.
The S&P 500 climbed 0.29% to reach 6,068, while the Nasdaq, known for its tech-heavy composition, rose 0.22% to hit 20,153.
The Dow, aiming to break a nine-day losing streak, surged by 224 points, marking a 0.52% increase.
If the Dow closes lower today, it will mark the 10th consecutive losing session, the longest such streak since September 20 to October 4, 1974, when the Dow fell for 11 straight sessions.
The Dow's efforts to rebound from its recent downturn are gaining traction as investors await the Fed's rate decision.
UnitedHealth stock, which had contributed to the Dow's decline, saw a notable increase of 3.26%.
Nvidia, a recent addition to the Dow, experienced a 3.63% rise, reversing the losses it had incurred over the past week. Despite a 180% increase in value this year, Nvidia had faced declines in recent days, impacting the Dow's losing streak.
Market participants widely anticipate a quarter-point rate cut by the Fed, continuing the trend initiated in September.
While the rate decision is eagerly awaited, investors are particularly interested in the Fed's economic outlook for the upcoming year, as outlined in the quarterly Summary of Economic Projections. This report includes forecasts for rate cuts in the next year, known as the Fed's 'dot plot.'
According to Jay Hatfield, the chief executive of Capital Infrastructure Advisors, all eyes will be on the dot plot to gauge the Fed's future perspectives.
Meanwhile, the US dollar saw a slight increase, and Treasury yields remained relatively stable throughout the day.
