Stocks bounce after paring gains

U.S. stocks fluctuated, while the dollar rose and Treasuries slipped Tuesday as investors kept an eye on upcoming central bank meetings and the special Senate election in Alabama.

The S&P 500 Index climbed to another record, closing at 2,664.22, overcoming a dip sparked by Republican Sen. Rand Paul tweeting his opposition to adding to the federal debt.

The tech-heavy Nasdaq 100 Index and Nasdaq composite Index both turned lower, as did the small-cap Russell 2000 Index.

Telephone stocks, banks and diversified financial companies were up substantially, while utilities and semiconductors led decliners.

The dollar rose for a fourth straight day and 10-year Treasury yields hit 2.4 percent after data showed signs of inflation in producer prices as the Federal Reserve starts its two-day meeting.

The Fed is expected to raise rates after its meeting on Wednesday.

Brent crude jumped above $65 a barrel for the first time since June 2015 after one of the most important pipelines in the world was shut because of a crack, before turning lower.

Gold rose slightly, while most industrial metals declined.