US stocks open higher as key Fed meeting kicks off

US stocks open higher as key Fed meeting kicks off

Dow, Nasdaq gain around 1%

By Ovunc Kutlu

ISTANBUL (AA) - US stocks opened higher Tuesday as the Federal Reserve's key two-day meeting began.

After its most critical meeting this year, the Fed will announce its monetary policy decision Wednesday. The central bank could keep its interest rate unchanged after hiking rates for the past 12 months, as the US banking sector faces a crisis amid the sudden demise of several banks.

The Dow Jones industrial average jumped 295 points, or 0.92%, to 32,540 at 10.04 a.m. EDT. The S&P 500 added 39 points, or 1%, to 3,990.

The tech-heavy Nasdaq soared 125 points, or 1.08%, to 11,801.

The VIX volatility index, also known as the fear index, fell 7.6% to 22.31, while the 10-year US Treasury yield rose 3.1% to 3.587%.

The dollar index fell 0.2% to 103.08, while the euro added 0.45% to $1.0768 against the greenback.

Precious metals were in negative territory as the price of gold fell 1.45% to $1,950 per ounce and silver trimmed 1.3% to $22.25.

Oil prices rose around 1.6%, with global benchmark Brent crude at $74.93 per barrel and US benchmark West Texas Intermediate crude at $69.02.

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