US stocks close higher ahead of Fed meeting

By Ovunc Kutlu

ISTANBUL (AA) - Major US stock indexes closed higher Monday ahead of a key Federal Reserve meeting.

The Fed will kick off its two-day meeting Tuesday and announce its interest rate decision Wednesday as the US market, which has been rattled by multiple banking crises, keeps a close eye on the central bank's rate hike call.

The Dow Jones Industrial Average jumped 382 points, or 1.2%, to finish the day at 32,244. The S&P 500 added 34 points, or 0.89%, to 3,951.

The tech-heavy Nasdaq increased 45 points, or 0.39%, to close the first trading day of the week at 11,675.

The VIX volatility index, also known as the fear index, fell 5.3% to 24.15, while the 10-year US Treasury yield rose 2.6% to 3.487%.

The dollar index fell 0.4% to 103.31, while the euro added 0.5% to $1.0724 against the greenback.

Precious metals were in negative territory as the price of gold fell 0.5% to $1,978 per ounce and silver trimmed 0.3% to $22.54.

Oil prices rose more than 1%, with global benchmark Brent crude at $73.81 per barrel and US benchmark West Texas Intermediate crude at $67.82.