Business

US stocks flat ahead of Federal Reserve meeting

NYSE traders Image copyright Getty Images

(Close): Wall Street markets were little changed on Monday as investors waited for the results of a Federal Reserve meeting on Wednesday.

The Dow Jones industrial average rose 15.69 points, or 0.09%, to 17,229.

The S&P 500 fell 2.61 points to 2,019.58, while the tech-focused Nasdaq index climbed 1.81 points to 4,750.28.

Oil prices fell following renewed expectations of a global oversupply, as OPEC failed to reach a deal with Iran to curb output.

The group of large oil producing countries has been trying to lessen the impact of falling prices by creating a global pact to cut production.

West Texas crude fell 3% to $37.29 a barrel and Brent crude dipped 2% to $39.58 a barrel.

Crude prices have dictated the direction of the stock market this year and had helped to lift US shares last week, as Brent crude passed $40 a barrel for the first time in 2016.

Most stocks moved little on Monday as investors are waiting for an announcement from the Federal Reserve on Wednesday. The central bank is not expected to raise interest rates, but its press conference is expected to shed light on the state of the US economy.

Starwood Hotels was one of the biggest winners, rising 7.8% after it received a takeover offer from a Chinese-led consortium.

The Fresh Market saw its share price climb 23% after private equity firm Apollo announced it would purchase the company for $1.3bn.

Pfizer was among the biggest loser, falling 1.3%.