Wall Street closes higher fueled by the `hunt` for AI stocks in good standing

Wall Street closed higher, driven by a surge in AI-related stocks ahead of the Federal Reserve's monetary policy decision. The Nasdaq rose by 1.18%, the S&P 500 by 0.60%, and the Dow Jones by 0.03%. Investors are capitalizing on perceived bargains in AI sectors, particularly semiconductors and tech conglomerates, after previous losses due to concerns over high debt levels. Nvidia, Amazon, and Apple saw gains, while Broadcom increased by 4%. Market stability is supported by easing oil prices and lower bond yields. Investors anticipate the Fed's decision, with expectations that interest rates will remain unchanged before the upcoming midterm elections, despite predictions of a potential rate hike later this year due to persistent inflation.