Wall Street closed higher ahead of a big week for central banks, carrying the S &P 500 to its highest level in more than a year.

       The benchmark index rose 0.9% Monday. The Dow added 189 points, while the Nasdaq rose 1.5%.

       Stocks have been cruising on hopes the economy may avoid a recession and the Federal Reserve may soon take it easier on raising interest rates. Wall Street hopes the Fed will leave rates alone on Wednesday, but a hot inflation report on Tuesday could jeopardize that. Central banks in Europe and Japan also meet this week.

       On Monday:

       The S &P 500 rose 40.07 points, or 0.9%, to 4,338.93.

       The Dow Jones Industrial Average rose 189.55 points, or 0.6%, to 34,066.33.

       The Nasdaq composite rose 202.78 points, or 1.5% to 13,461.92.

       The Russell 2000 index of smaller companies rose 7.51 points, or 0.4%, to 1,873.21.

       For the year:

       The S &P 500 is up 499.44 points, or 13%.

       The Dow is up 919.08 points, or 2.8%.

       The Nasdaq is up 2,995.44 points, or 28.6%.

       The Russell 2000 is up 111.97 points, or 6.4%.