NEW YORK (AP) — U.S. stocks are closing solidly higher as traders hope the Federal Reserve will hold off on raising interest rates next week.
A Federal Reserve official said Monday she's not eager to raise interest rates too soon, a possibility that had worried investors.
Investors put money into safe-play investments like household goods makers and phone companies that pay high dividends. Technology companies also rose.
AT&T rose 2.5 percent and Procter & Gamble gained 2.3 percent.
The Dow Jones industrial average added 239 points, or 1.3 percent, to 18,325.
The Standard & Poor's 500 index rose 31 points, or 1.5 percent, to 2,159. The Nasdaq composite climbed 85 points, or 1.7 percent, to 5,211.
Bond prices rose. The yield on the 10-year Treasury note fell to 1.67 percent.