After The Bell: Stocks Rally On Wall Street Ahead Of The Fed
(CBS) -- Stocks traded higher on Tuesday as the Fed kicked off its two-day meeting and investors shrugged off worries about the Greek debt crisis.
The NASDAQ gained 26, the S&P 500 added 12 and the Dow Jones industrial average closed up more than 113 points, settling to 17,904.
"Everyone is obsessed with the Fed, but I don't think the decision as to when they will raise rates has any realistic bearing on where the stock market will go," said Mark Hulbert, editor of the Hulbert Financial Digest. "Greece is another issue often cited as a market mover, but I think the market has already discounted most of the bad news that could come out. We can spend a lot of time obsessing about the Fed and Greece, but they are really not the most important thing we should be focusing on."
He also noted recent stock market divergence and corporate earnings are much bigger market factors than Greece and the Fed.
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