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U.S. Stocks Rise to Start New Month as Fed Decision Nears By

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By Liz Moyer — U.S. stocks rose to start a new month after the Dow notched the best one month gain in decades in October.

At 9:47 ET (13:47 GMT), the was up 121 points or 0.4%, while the was up 0.7%, and the was up 0.8%.

Investors are awaiting the ‘s decision on Wednesday, with expectations for another 0.75 percentage point interest rate hike but hope for an indication that the Fed will start to ease back on that at its next meeting in December.

Blue-chip stocks had their best month since 1976 in October, fueled by better than expected earnings reports from big companies and the belief that the Fed was nearing the end of its most aggressive phase in fighting after data showed the economy is cooling.

Tech giants have struggled in recent weeks on a slowdown in sales of PCs and a slowdown in digital advertising.

The Institute for Supply Management is expected to show dipped to 50 in October from 50.9 in September, a step closer to tipping into contraction phase. Data on also comes out around 10:00 ET.

Uber Technologies (NYSE:) rose 14% after a strong fourth quarter outlook. Pfizer (NYSE:) shares rose 2% after it hiked its full-year sales estimates for its COVID-19 vaccine.

Oil rose. was up 2.6%, to $88.71 a barrel, while crude rose 2.3% to $94.87 a barrel. also rose 0.9%, to $1655.

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