US stocks close higher as markets await Fed decision

By Ovunc Kutlu

ISTANBUL (AA) - US stocks closed with gains Tuesday as markets await a key decision from the Federal Reserve.

The central bank could keep interest rates unchanged after the conclusion of a two-day meeting Wednesday as the American banking industry has been rattled with sudden collapses in recent weeks.

The Dow Jones industrial average jumped 316 points, or 0.98%, to close at 32,560. The S&P 500 added 51 points, or 1.3%, to 4,002.

The tech-heavy Nasdaq soared 184 points, or 1.58%, to 11,860.

The VIX volatility index, also known as the fear index, plummeted 11.5% to 21.38, while the 10-year US Treasury yield rose 3.4% to 3.594%.

The dollar index fell 0.1% to 103.22, while the euro added 0.5% to $1.0770 against the greenback.

Precious metals were in negative territory as gold fell 2% to $1,940 per ounce and silver trimmed 0.8% to $22.36.

Oil prices rose more than 2%, with global benchmark Brent crude at $75.29 per barrel and US benchmark West Texas Intermediate crude at $69.59.