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State and Nation Business

Stocks move higher as traders wait on the Fed

NEW YORK – The stock market is closing higher as investors anticipate that the Federal Reserve will keep programs to support the U.S. economy in place.

The Dow Jones industrial average rose 138 points, or 0.9 percent, to 15,318 Tuesday.

The Standard & Poor's 500 rose 12 points, or 0.8 percent, to 1,651. All 10 industry groups rose.

The Nasdaq rose 30 points, or 0.9 percent, to 3,482.

The pace of home construction rose in May and builders applied for permits to build single-family homes at the fastest pace in five years.

Inflation was tame last month, giving the Fed leeway to keep up its stimulus. The Fed meets Tuesday and Wednesday.

Two stocks rose for every one that fell on the New York Stock Exchange. Volume was light at 3 billion shares.

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