Stocks Finish Higher Ahead of Fed

Technical buying outweighed skittishness ahead of the Fed's announcement on interest rates. J.Crew debuted, while Nike stumbled on a disappointing outlook

Stocks edged higher on Wednesday following a steep sell-off on Tuesday. Buying looked technically driven: bears tested the bottom of the recent S&P 500 trading range and lacked the conviction for a breakdown, which has attracted buyers, says Standard & Poor's Equity Research. This outweighed caution ahead of the FOMC policy statement Thursday afternoon, says S&P.

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