Wall Street advanced as comments by a US Federal Reserve official suggested not all policy makers believe September should mark the start of easing the central bank's bond-buying program.
Atlanta Fed President Dennis Lockhart said the US economy has had an "uneven performance" and that he "would argue that recent data do not present a clear picture" about the potential timing to start tapering.
"In my mind, the first adjustments to asset purchases, when they occur, should be the beginning of a process with steps that will be determined as later information arrives and certainty about the direction of the economy accumulates," Lockhart said in a speech in Atlanta. "As I see it, a decision to proceed-whether it is in September, October, or December-ought to be thought of as a cautious first step."
Last week, three other Fed officials recommended next month might already see a cutback in the pace of bond purchases.
Indeed, the latest economic data reflected Lockhart's thinking.