The major averages closed in the green once again led by artificial intelligence stocks a day before the Federal Reserve is set to announce its interest rate decision.  The Dow Jones Industrial Average gained 161 points to 47,706. The S&P 500 rose 15 points to 6,890, surpassing the 6,900 level for the first time, intraday. The Nasdaq Composite

 advanced 190 points or 0.8% to 23,827.

Gaines were led by Nvidia up nearly 5% to a new high. The AI chip darling made a series of announcements Tuesday at its GTC conference, including its partnership with Finnish company Nokia. Nvidia will take a $1 billion stake in Nokia, which said it will use the proceeds to fund in part its AI plans. AI-chip stocks, Broadcom was also higher.

A number of the “Magnificent Seven” stocks are set to report this week including Alphabet, Amazon and Meta Platforms. So far about one-third of S&P 500 companies have reported, 83% of which have beaten earnings expectations, according to FactSet data.

The Fed is expected to cut its benchmark rate for a second time this year tomorrow.

The benchmark 10-year Treasury yield was down a basis point to 3.97%, while the 2-year Treasury note yield was also lower by a basis point to 3.48%. The 30-year bond yield fell more than 2 basis points to 4.54%.

In the commodity space, oil was lower by nearly 2% back to $60 a barrel. Gold fell a percent to a three week low. Crypto currencies took a hit.

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