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S&P ends flat

Video Credit: Reuters Studio - Duration: 00:59s - Published
S&P ends flat

S&P ends flat

The S&P 500 closed flat Monday as investors awaited a Federal Reserve meeting that is expected to lay the groundwork for an interest rate cut later this year.

Fred Katayama reports.

Stocks on Wall Street edged cautiously higher Monday ahead of a meeting of Federal reserve policymakers this week.

The Dow and S&P 500 finished just above the flatline.

Stocks have risen sharply this month, investors betting the Fed will cut interest rates fearing a slowing u.s. economy.

Washington Crossing Advisors senior portfolio manager, Kevin Caron: SOUNDBITE: WASHINGTON CROSSING ADVISORS SENIOR PORTFOLIO MANAGER, KEVIN CARON (ENGLISH) SAYING: "Not a lot happening.

I wouldn't expect traders to be taking big positions ahead of Wednesday's FOMC meeting." But there was a lot happening in the acquisition arena.

Sotheby's shares skyrocketed.

The founder of the media group Altice is taking the auction house private in a $3.7 billion deal.

Array Biopharma shares also leapt.

Pfizer is buying the drugmaker for $10.6 billion to bolster its portfolio of cancer treatments.

Shares of Chewy gave up some gains on Monday..

The first trading session after its blockbuster debut on Friday - when the online pet retailer's stock soared nearly 60 percent.




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