SP Telemedia Limited

Wall Street closed mixed on Monday ahead of the Federal Reserve's monetary policy meeting. The Federal Reserve is widely expected to leave the near-zero interest rate unchanged, but may begin scaling back some economic stimulus. Traders moved into technology and health care shares amid concerns the energy, materials and financials were overbought.

Yesterday the Australian shares ended modestly higher despite a strong lead overseas. The market in late trading gave up some of its early gains as investors started to pocket their profits in recent rallies. The benchmark S&P/ASX200 index was up 0.8%, or 29.7 points, at 3580, while the broader All Ordinaries index rose 1%, or 34.2 points, at 3517.3. Today resource stocks may decline after metals prices fell.