Wall Street pulled back today as investors uneasy after a drop in consumer confidence traded cautiously ahead of the Federal Reserve’s rate decision.

Stocks managed to squeeze out modest gains in a volatile session Monday as crude oil futures, which briefly topped $US58 per barrel in early trading, settled lower.

Wall Street managed a moderate gain today in a volatile session that saw investors alternating between worries about interest rates and delight in a new wave of merger deals.

Falling oil prices and a broker upgrade of the semiconductor sector pushed stocks higher today, enticing buyers back into the market after the previous session’s losses.

A sharp rise in wholesale prices intensified fears about inflation today, sending stocks to a mixed finish and bond prices falling.