S&P 500 and Nasdaq log fresh record close

Most US stock indices closed higher on Monday, as S&P 500 and Nasdaq posted a new record close, ahead of Federal Reserve meeting.

The Fed will start its meeting on Tuesday, and will continue until Wednesday, followed by the interest rate decision, which is expected to be held unchanged near zero.

The Federal Open Market Committee is expected to discuss the rising inflation rate, especially after the recent increase of 0.6% in the consumer price index during May, which is the highest level since 2008.

Federal Reserve Chairman Jerome Powell will comment on monetary policy afterwards at a press conference.

To the oil market, WTI crude July futures July delivery fell less than 0.1% and closed at $70.88 a barrel, after hitting a high of $71.7 and a low of $70.6.

Brent August futures rose 0.2% or 17 cents, and closed at $72.86 a barrel, after hitting a high of $73.6 and a low of $72.5.

As for stocks, Dow Jones fell 0.2% or 86 points, and closed at 34,393, with a day high of 34,472, and a low of 34,211.

Nasdaq rose 0.7% or 104 points to 13,911, with a high of 14,175 and a low of 14,056.

S&P 500 rose 0.2% or 7 points to 4,255, after hitting a high of 4,255 and a low of 4,234.