Wall Street moves higher ahead of Fed
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US stocks have reversed losses to close higher as investors wait on the outcome of the Federal Reserve's two-day monetary policy meeting.
At the closing bell, the Dow Jones Industrial Average added 27.48 points, or 0.16%, to 16,808.49.
The broad-based S&P 500 gained 4.21 points, or 0.22%, to 1,941.99, while the tech-heavy Nasdaq Composite Index jumped 16.13 points, or 0.37%, to 4,337.23.
New US home construction and applications for building permits slowed sharply in May, government data showed.
Housing starts fell 6.5% from an April to an annual rate of just 1.001 million, below the 1.028 million projected by analysts.
But US consumer prices jumped in May, putting in the strongest monthly gain in more than a year.
The consumer price index rose 0.4% from April, double analyst forecasts for a 0.2% rise.
"The combined aspect of the two reports is enough to keep things looking confused in the capital markets," said Briefing.com analyst Patrick O'Hare.
Investors are watching the Federal Open Market Committee's policy meeting, which wraps up tomorrow with a policy statement and a news conference with Fed Chair Janet Yellen.
The Fed is expected to keep its monetary policy on track, but investors are looking for clues on when the central bank will raise benchmark interest rates, with the latest inflation numbers potentially pushing the timeline forward.
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