S&P, Dow edge higher as JPMorgan gains; Fed meet in focus
JPMorgan will pay the U.S. Federal Deposit Insurance Corp $10.6 billion to take control of most of the regional bank's assets.
Investors have been on edge about the banking system's health following the collapse of two other regional banks in March. "Hopefully this is sort of the last of the banking crisis, but something else might surface at some point," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.
Market watchers also digested the latest economic news, which suggested to some that the Fed may need to stick to its tightening cycle for the near term. The Institute for Supply Management said on Monday its manufacturing PMI rose last month from March. The Fed, which has been raising rates to cool inflation, is expected to hike rates an additional 25 basis points on Wednesday.
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