U.S. stocks ended little changed in light volume on Monday, with traders eyeing a Federal Reserve meeting expected to result in an interest rate increase later this week.
The S&P 500 traded in its tightest range of the year, in and out of slight losses, while the CBOE Volatility index .VIX was on track to close at its lowest in more than a week.
Shares of Mobileye (MBLY.N) jumped nearly 30 percent to a high of $61.51 after chipmaker Intel (INTC.O) agreed to buy the driverless technology maker for $15.3 billion. Mobileye closed up 28.2 percent at $60.62 and Intel fell 2.1 percent to $35.16.
Investors looked ahead to the Fed’s two-day meeting that starts on Tuesday. Traders saw a 94 percent chance that the U.S. central bank will lift interest rates by 25 basis points on Wednesday.
“Other than the Fed on Wednesday, I don’t see anything going on to make any (investment) decisions on,” said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.
Read More: http://www.reuters.com/article/us-usa-stocks-idUSKBN16K1B6
Source: Reuters (13 March 2017)