(Pixabay)
(CNBC) -- The S&P 500 jumped to the highest in 13 months on Monday as traders hoped the Federal Reserve will skip hiking rates when the central bank decides on policy Wednesday.
The S&P 500 gained 0.9% with gains steadily increasing throughout the trading day. The benchmark surpassed its high last August and reached the best levels since late-April 2022. The Nasdaq Composite popped 1.38% to also reach a 13-month high. The Dow Jones Industrial Average climbed 165 points, or 0.5%.
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Markets have come to expect that the Fed will skip another rate increase at this week’s meeting, with traders pricing in a 74% chance that there will be no hike, according to the CME Group’s FedWatch tool. The Fed has hiked 10 consecutive times.
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