Stocks lift as techs recover

US stocks bounced a little higher on a recovery in technology shares following the previous session’s sharp selloff and amid expectations that the Federal Reserve will not change interest rates at its last policy-setting meeting of the year

Around 11:30am the Nasdaq composite, up 26.40 to 1393.54, gained around 2%, while the Dow Jones industrial average, up 51.62 to 8525.03, and Standard & Poor’s 500 index, up 6.84 to 898.84, rose more modestly.

“There’s really not much going on. Stocks are marking time before the Fed,” said Charles Payne, chief executive and chief analyst at Wall Street Strategies.

After surprising market participants by cutting interest rates by a half-percentage point at its last meeting, the Federal Reserve is largely expected to hold rates steady today.

Market breadth was positive. On the New York Stock Exchange, winners topped losers 3 to 2 as 444 million shares changed hands. On the Nasdaq, advancers beat decliners almost 3 to 2 as 584 million shares traded.