Stocks closed higher on Wall Street after swaying between small gains and losses much of the day as investors brace for another big interest rate increase this week from the Federal Reserve.

The S&P 500 rose 0.7% on Monday. The Dow Jones Industrial Average and the Nasdaq also gained ground. Treasury yields moved higher.

Markets were looking ahead to Wednesday, when the Federal Reserve will announce its latest decision on rates. It's expected to raise its benchmark rate, which influences interest rates throughout the economy, another three-quarters of a percentage point in its fight against inflation.