The Fed is expected to raise its benchmark interest rate by twice the usual amount this week as it steps up its fight against inflation, which is at a four-decade high.
World shares were mostly lower on Wednesday as investors waited for a decision by the Federal Reserve on interest rates.
"All eyes are peering toward the FOMC meeting and a rate hike is an absolute given," Clifford Bennett, chief economist at ACY Securities, said in a commentary. India's Sensex lost 1% to 56,425.88. Taiwan's benchmark rose and most other regional markets were closed, including those in Japan and mainland China.
Oil prices rose as the European Union said it was preparing new sanctions against Russian energy over the war in Ukraine, though Slovakia and Hungary said they would oppose such measures. The S&P 500 ended 0.5% higher and the Dow Jones Industrial Average rose 0.5%. The Nasdaq inched up 0.2%, while the Russell 2000 added 0.9%.
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