US stocks rallied on Monday, as megacaps lifted Nasdaq higher ahead of the US Federal Reserve’s meeting this week.
Fed policymakers are widely expected to keep interest rate unchanged as inflation data released last week showed that the consumer prices in the US rose in February.
At 9:34 a.m. ET, the Dow Jones Industrial Average was up 150.05 points, or 0.39 per cent, at 38,864.82, the S&P 500 was up 49.30 points, or 0.96 per cent, at 5,166.39, and the Nasdaq Composite was up 218.65 points, or 1.37 per cent, at 16,191.82.
Shares of Alphabet climbed 6.4 per cent after a media report that Apple is in talks to build Google’s Gemini AI engine into the iPhone.
ALSO READ: Wall Street week ahead: All eyes on Federal Reserve’s interest rate decision
Tesla jumped 2.8 per cent after the electric carmaker announced that it would raise the price of its Model Y EVs in Europe.
