Investing.com - The S&P 500 rose to an intraday record high on Monday, taking its gains for the year to more than 17% thanks in large part to the Federal Reserve's dovish turn in monetary policy.
The benchmark index reached a session high of 2,949.52, topping its previous intraday record of 2,940.91 hit on Sept. 21. Most market analysts expect the S&P 500 to break above the 3,000-level in the weeks ahead.
The Nasdaq Composite also notched a record high on Monday.
Even though gains in recent sessions have been relatively small, analysts said new highs encourage further buying, bolstering the view that the decade-long bull market has further to run.
The Federal Reserve's Federal Open Market Committee (FOMC) begins its two-day policy meeting today, with a decision due Wednesday afternoon.
Analysts see little chance the central bank will shift its accommodative stance, as it seeks to balance robust economic growth against low inflation.
“The U.S. central bank is currently in wait-and-see mode, which is characterized by the two buzzwords ‘patience’ and ‘data-dependency,’” analysts at Unicredit (MI:CRDI) wrote in a recent note.
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-- Reuters contributed to this report