An exchange traded fund (ETF) indexed to the S&P 500 rose to a new recovery high Tuesday as investors awaited the Federal Reserve’s announcement on interest rates and outlook on the U.S. economy.

SPDR S&P 500 ETF (NYSEArca: SPY), the largest ETF by assets with about $91 billion, rose above $135 a share at one point Tuesday.

The giant ETF has now fully recovered from its setback in March and has been strong since bouncing at its 50-moving average earlier this month. Investors will be looking for details this week from the Fed about its so-called quantitative easing program. The central bank’s second round of bond buying is scheduled to wrap up at the end of June.

SPDR S&P 500 ETF was up 6.3% year to date through April 25, according to Morningstar. The fund closed Tuesday with a gain of nearly 1%.


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