S&P 500 halts 4-day slide before Fed meeting

Bloomberg NewsDecember 17, 2013 

NEW YORK -- U.S. stocks rose, after equities posted the biggest weekly drop since August, as investors watched data to gauge the outlook for stimulus before a two-day Federal Reserve meeting that starts on Tuesday.

Exxon Mobil rallied 2 percent after Goldman Sachs raised the stock's rating. General Motors climbed 3.5 percent after saying it plans to spend $1.3 billion to upgrade five U.S factories and may consider paying a dividend next year. LSI jumped 39 percent after Avago Technologies agreed to buy it in a deal valued at $6.6 billion. Twitter retreated 4.1 percent after Wells Fargo downgraded the stock.

The Standard & Poor's 500 Index advanced 0.6 percent to 1,786.54 at 4 p.m. in New York, halting a four-day streak of declines. The Dow Jones Industrial Average rose 129.21 points, or 0.8 percent, to 15,884.57. About 6.01 billion shares changed hands on U.S. exchang

es, in line with the three-month average.

"The big issue this week is the Fed's meeting and what, if anything, they're set to do," Mark Luschini, chief investment strategist at Janney Montgomery Scott, which oversees $60 billion, said from Philadelphia. "The market seems to be increasingly prepared for the prospects of it, and yet at the same time, has not bought into the notion that it's likely to occur this week."

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