Indexes were up in midday trading before an expected announcement from the Federal Reserve about raising its benchmark interest rate.
The S&P 500 rose 0.9% to 3,770.69 while the Dow 30 climbed 0.5% to 30,592.92 and the Nasdaq was up 1.7% to 11,012.26.
Crude oil fell 25 to $116.59 a barrel.
Gold increased 0.3% to $1,820 an ounce.
The yield on a 10-year bond fell 2.1% to 3.41%.
MORTGAGES
Foothill Ranch-based loanDepot Inc. (NSYE: LDI) fell 6.8% to $1.87 and a $635 million market cap. Shares of the mortgage provider have dropped 86% in the past year as increasing interest rates have dampened demand.
BIOPHARMA
Eledon Pharmaceuticals Inc. (Nasdaq: ELDN) dropped 10% to $2.81 and a $39 million market cap. Shares of the researcher for an ALS cure are about 67% lower since their 52-week high in November. The Business Journal will have an article in its June 20 print edition about the company.
