NEW YORK (AP) — Stocks were trading in a tight range as investors anxiously waited to see if the Federal Reserve took new steps to stimulate the economy.
Traders’ uncertainty has put a big September rally on hold, at least momentarily, before the central bank’s meeting Tuesday. Stocks jumped to four-month highs Monday as buying accelerated after the Standard & Poor’s 500 index broke out of its recent trading range.
A report that showed a bigger-than-expected jump in housing starts continued a trend of economic reports topping modest expectations. But it was not enough to overcome uncertainty about the Fed’s potential actions.
The Dow Jones industrial average is down 7, or 0.1 percent, at 10,743. The S&P 500 is down 1, or 0.1 percent, at 1,142, while the Nasdaq composite is down 5, or 0.2 percent, at 2,351.
(Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)