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S&P 500 closes little changed Tuesday after notching all-time high ahead of key Fed decision: Live updates

The S&P 500 ended Tuesday near the flatline after hitting a record high as the market awaited the Federal Reserve's key interest rate cut decision.

The broad market index closed higher by 0.03% at 5,634.58, after earlier touching an all-time high of 5,670.81. The Dow Jones Industrial Average inched down 15.9 points, or 0.04%, to close at 41,606.18. The 30-stock index also hit a fresh record during the session. The Nasdaq Composite advanced 0.2% and ended at 17,628.06.

The fresh records for the S&P 500 and the Dow come during a historically tough period for the market. September has been the worst month for the benchmark over the past 10 years, averaging a 1.3% monthly loss, according to FactSet data.

Traders also overcame late-summer headwinds stemming from concerns over the health of the U.S. economy. Disappointing jobs and manufacturing data in August sparked a large one-day sell-off. However, equities were able to rebound due to more constructive data releases and expectations of the Fed lowering rates.

Wall Street is on standby for the Fed's long-anticipated rate cut Wednesday afternoon, a move that could help boost earnings growth for companies following a backdrop of steep borrowing costs and high inflation. The Fed first embarked on its aggressive hiking campaign in March 2022.

The latest retail sales data indicated solid consumer health. Retail sales rose 0.1% in August versus economists' estimates for a 0.2% decline, according to Dow Jones. Excluding autos, the number also came in at a 0.1% increase, which slightly missed the 0.2% consensus forecast.

While investors expect a cut Wednesday, the market is divided on the size of the potential reduction. Traders are currently pricing in a 63% chance that the central bank

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