Investing.com - Wall Street opened higher Tuesday as the market bounced back some from a selloff in the last session and investors turned their focus to the Federal Reserve’s latest policy meeting.
The S&P 500 rose 19 points, or 0.7%, as of 9:30 AM ET (14:30 GMT), while the Dow increased 176 points, or 0.75%, and the tech-heavy Nasdaq Composite rallied 55 points, or 0.8%.
With the Fed expected to deliver its fourth rate hike this year at the conclusion of its two-day meeting Wednesday, future market moves will be driven by the FOMC guidance on monetary policy next year.
Senior Fed officials, including Fed Chairman Jerome Powell, have recently become more cautious about the policy outlook amid increasing signs of a slackening in the global economy.
"There is a lack of confidence in any upward move and we need something tangible to bring confidence into the market," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, N.J.
Technology stocks were among the top gainers, with the S&P 500 Information Technology index gaining 1%.
Amazon.com (NASDAQ:AMZN) rose 1.1%, while Apple (NASDAQ:AAPL) gained 0.5% and Facebook (NASDAQ:FB) inched up 0.3%.
Meanwhile, Oracle (NYSE:ORCL) jumped 3.8% after its quarterly results beat forecasts.
Elsewhere, Tesla (NASDAQ:TSLA) inched down 0.3%, while Exxon Mobil (NYSE:XOM) lost 0.5%.
In commodities, gold futures fell 0.09% to $1,250.60 a troy ounce and crude oil decreased 2.3% to $49.02 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, inched down 0.1% to 96.44.
-- Reuters contributed to this report.