S&P 500, Nasdaq hit record closing peaks on eve of Fed meeting

The Dow Jones Industrial Average fell 85.85 points, or 0.25%, to 34, 393.75, the S&P 500 gained 7.71 points, or 0.18%, to 4, 255.15 and the Nasdaq Composite added 104.72 points, or 0.74%, to 14, 174.14.

NEW YORK: The S&P 500 and Nasdaq eked out record high finishes on Monday, despite most traders being focused on this week's Federal Reserve meeting and not on adding to existing positions.

Investors are seeking new cues from the central bank on its inflation outlook, after recent data indicated the U.S. economy is regaining momentum but not overheating. This has eased investor worries about inflation.