Stocks Jumped at Open ahead of FOMC Meeting

U.S. stocks jumped at open on Tuesday, as investors awaited the start of the Federal Reserve’s two-day policy meeting, set to kick off later Tuesday morning. The Dow Jones Industrial Average lately rose 325.85 points, or 1.25%, to 26,438.38. The S&P 500 climbed 33.07 points, or 1.14%, to 2,922.74. The Nasdaq Composite jumped 127.02 points, or 1.62%, to 7,972.05.

Oil futures prices eased Tuesday, as the state of the global economy and related demand for energy products keeps this market on the defensive. West Texas Intermediate crude for July delivery was down only slightly, by less than 0.1%, at $51.92 a barrel. August Brent crude slipped 16 cents, or 0.3%, at $60.78 a barrel.

Members of the Federal Open Market Committee (FOMC) begin two days of meetings Tuesday and are set to produce a statement and press conference Wednesday to relay their outlook on the domestic economy and monetary policy decision.

Facebook (FB) on Tuesday announced the details of its widely-rumored cryptocurrency project: a financial services offering called Calibra. Calibra is a “newly formed Facebook subsidiary” and its first product, launching in 2020, will be a digital wallet to store and send Libra, a new cryptocurrency.