3 May 2005, 10:18  Stoks closes up despite nervousness over upcoming Federal Reserve meeting

Stocks finished uncertain session modesty higher Monday despite a sharp rise in crude oil prices and unease over the Federal Reserve's upcoming meeting. The Dow Jones industrial average rose 59.19, or 0.58 percent, to 10,251.70. Broader stock indicators also moved higher. The Standard & Poor's 500 was up 5.31, or 0.46 percent, at 1,162.16, and the Nasdaq composite index gained 7.00, or 0.36 percent, to 1,928.65. Crude futures rallied in afternoon trading, reversing last week's trend and adding to worries about high energy prices as the summer driving season approaches. A barrel of light crude settled at $50.92, up $1.20, on the New York Mercantile Exchange. The Fed's Open Market Committee was expected to raise the nation's benchmark rate by a quarter percentage point to 3 percent at its meeting Tuesday. Many investors waited to see what the central bank would have to say in its economic assessment statement about the recent slowdown in growth and the prospects for inflation. "There's a certain amount of caution which is preventing investors from putting more assets to work," said Michael Sheldon, chief market strategist at Spencer Clarke LLC. "Right now there are too many question marks about the economy that need to be answered before we can move forward."

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