NEW YORK, March 21 (Xinhua) -- Wall Street's major averages climbed on Tuesday as investors awaited the Federal Reserve's rate decision.
The Dow Jones Industrial Average rose 316.02 points, or 0.98 percent, to 32,560.6. The S&P 500 added 51.30 points, or 1.30 percent, to 4,002.87. The Nasdaq Composite Index increased 184.57 points, or 1.58 percent, to 11,860.11.
Eight of the 11 primary S&P 500 sectors ended in green, with energy and consumer discretionary up 3.45 percent and 2.71 percent, respectively, outpacing the rest. Utilities fell 2.05 percent, the worst-performing group.
Financial markets calmed down as fears over contagion in the banking system receded, at least for now.
Investors turned their eyes to the Fed's two-day policy meeting, which will conclude on Wednesday.
Markets have scaled back the likely pace of monetary tightening since the failure of Silicon Valley Bank, with the federal funds futures market initially pricing a pause in rate hikes this month. But as confidence in the banking system has stabilized, investors have moved to imply a high probability of a 25-basis-point increase.
Investors will also be hoping for Fed guidance on how banking stresses will factor into the policy outlook.
