GLOBAL MARKETS-Wall Street stocks rally

The Dow Jones Industrial Average .DJI rose 1.82% to 33,544.34, the S&P 500 .SPX gained 2.14% to 4,262.45 and the Nasdaq Composite .IXIC added 2.92% to 12,948.62.

New York: The three main Wall Street stock indexes rallied on Tuesday, a day before an expected interest rate hike by the U.S. Federal Reserve, while oil prices dropped 7% on hopes of an end to the conflict in Ukraine.

Investors are expecting the U.S. central bank to raise interest rates for the first time in three years by at least 25 basis points amid surging prices. Traders will also be closely watching the Fed for details on how it plans to end its bond-buying program.