(CNBC) — U.S. stocks closed mostly lower on Tuesday ahead of the Federal Open Market Committee's statement that could shed light on the timing of an interest rate hike.
Stocks came off session lows in the close, with only the Nasdaq in the black. The major indices held on to gains for the year.
"I don't know (about the slight recovery in equities) except it's widely recognized that the Fed is going to remain dovish tomorrow," said Bruce Bittles, chief investment strategist at RW Baird. "When you put all the economic reports together we've certainly had a slowdown in economic activity. I think the selling has quit mostly on the assumption the Fed will remain dovish in 2015."
Advertisement - story continues below
