NEW YORK: Wall Street stocks rose early Tuesday, partially recovering some of the big losses suffered in the prior session ahead of a much anticipated Federal Reserve decision.
The broad-based S&P 500 sank nearly four percent on Monday, diving into a bear market as analysts pondered whether the Federal Reserve will surprise investors with a 0.75-percentage-point interest rate increase on Wednesday.
About 30 minutes into trading, the Dow Jones Industrial Average was up 0.5 percent at 30.667.11.
The broad-based S&P 500 gained 0.7 percent to 3,776.74, while the tech-rich Nasdaq Composite Index advanced 0.9 percent to 10,894.11.
Among individual companies, Continental Resources surged 16.8 percent after founder Harold Hamm and his family offered to buy publicly traded shares and take the shale producer private in a $25 billion deal.
Software giant Oracle jumped 9.8 percent after reporting strong earnings on robust cloud services and license support revenues.
But Coinbase Global fell 0.8 percent after the company’s chief executive announced that 18 percent of the staff would be cut “to ensure we stay healthy during this economic downturn,” according to an email to employees.