U.S. stocks gained, the dollar slid and commodities rose as the Federal Reserve prepared to begin a two-day meeting on interest rates.
Shortly after the opening bell, the Dow Jones Industrial Average was higher by about 39 points. The S&P 500 gained 0.5% amid gains in most of its sectors. The Nasdaq Composite Index also climbed about 0.5%.
Reversing Monday's trade, commodities and gold rebounded as the dollar lost ground against other major currencies. The euro hit a fresh 2009 high, topping $1.48 for the first time this year. Gold traded at about $1,018 an ounce and oil moved back above $71 a barrel.
The Federal Reserve kicks off its two-day interest rate meeting on Tuesday. It traditionally doesn't comment on the first day. A statement from the rate-setting committee is expected on Wednesday.
Among stocks to watch, shares of AMR fell 5% after the parent of American Airlines said it plans to sell 30 million shares and $250 million of convertible notes. Home-improvement retailer Lowe's sank 1% after it issued a cautious earnings forecast.
The Treasury Department plans to sell $45 billion of two-year notes. Treasury prices were little changed leading up to the auction.
Overseas, South Korea's Kospi Composite added 1.4% as Samsung Electronics said it would increase chip production to meet growing demand. Most indexes in Europe were higher in afternoon trading.
