US stocks open Tuesday higher as Fed meeting kicks off

By Ovunc Kutlu

ISTANBUL (AA) - Major stock exchanges in the US opened Tuesday with gains as the Federal Reserve's two-day monetary policy meeting has kicked off.

The S&P 500 added 22 points, or 0.41% to 5,585 at 9.41 a.m. EDT and the Dow rose 144 points, or 0.36% to 40,684.

The Nasdaq, meanwhile, increased 95 points, or 0.55%, to 18,465.

The Fed is widely expected to hold interest rates unchanged at the conclusion of its two-day meeting on Wednesday, but the central bank could signal a rate cut for September.

The VIX volatility index, also known as the fear index, fell 2% to 16.27. The 10-year US Treasury yield shed 0.4% to 4.162%.

The dollar index increased 0.1% to 104.67, while the euro lost 0.1% to $1.0810 against the greenback.

Precious metals were on the rise with gold adding 0.4% to $2,392 per ounce and silver increasing 0.28% to $27.93.

Oil prices were down more than 1.1%, with global benchmark Brent crude at $78.16 a barrel and US benchmark West Texas Intermediate at $74.89.