US stocks climb in volatile session as investors await the start of key Fed policy meeting

• Stocks inched higher Monday after a volatile session to open the week.
• The 10-year Treasury yield briefly touched 3.51% Monday, notching the highest mark in 11 years.

US stocks climbed Monday ahead of the Federal Reserve's two-day policy meeting which begins on Tuesday. The major indexes each flipped between gains and losses throughout the week's opening session as investors brace for a third outsized rate hike from the central bank.

The yield on the 10-year Treasury climbed to 3.51%, the highest since 2011.

The last time the closely watched US bond was yielding that much, the European debt crisis was underway, as several EU countries dealt with the aftermath of 2008's financial crisis.

"The targeted resistance from the breakout is ~4.00%. The DeMARK Indicators continue to support consolidation, but the counter-trend signals would be stopped out on an opening print above 3.56%," Fairlead Strategies' Katie Stockton said in a Monday note.

Here's where US indexes stood after the 4:00 p.m. closing bell on Monday:

• S&P 500: 3,899.93, up 0.69%

• Dow Jones Industrial Average: 31,019.68, up 0.64% (197.26 points)
• Nasdaq Composite: 11,535.02, up 0.76%

Here's what else to know:

• The stock market sell-off is almost over, according to JPMorgan, and resilient earnings and slowing inflation means a rally is on the way.
• Moderna, BioNTech, and Novavax stocks plunged after President Biden said the COVID-19 pandemic is over.
• S&P Global Market Intelligence said inflation worries led institutions to sell $51.2 billion worth of equities in a five-week period.
• The Fed could raise rates by less than expected in November because of a slowdown in the housing market, according to Pantheon.
• Russian seaborne exports dropped to their lowest level in a year.
• Crude prices will average $100 a barrel in 2023 as demand rebounds in China and Russian barrels disappear from the market, according to Bank of America.
• Oil prices climbed, with West Texas Intermediate up 0.18% to $85.26 a barrel. Brent crude, the international benchmark, inched higher 0.33% to $91.65 a barrel.
• Gold traded flat at 1,683.50 per ounce. The 10-year yield ticked higher 4 basis points to 3.487%.
• Bitcoin dropped 1.06% to $19,508.06.