Dow Closes Up 228 Ahead of Fed Meeting

US stocks are closing solidly higher ahead of the start of a crucial Federal Reserve policy meeting. The Dow Jones industrial average gained 228 points, or 1.4%, to 16,599 today. The Standard & Poor's 500 index climbed 25 points, or 1.3%, to 1,978. The Nasdaq composite rose 54 points, or 1.1%, to 4,860. Industrial stocks rose more than the rest of the market. General Electric gained 2%. Bond prices fell. The yield on the 10-year Treasury note rose to 2.28%.

Opinions are split over whether the Fed will raise its benchmark interest rate for the first time in almost a decade. Many are speculating that the Fed will hold off and keep borrowing costs cheap. The Fed winds up its two-day meeting on Thursday. (More Dow Jones stories.)