The Dow Jones Industrial Average closed more than 500 points higher on Tuesday, ahead of the Federal Reserve meeting that will announce its decision on Wednesday. Investors are pricing in a 70% chance that the Fed will hold interest rates at 3.50 to 3.75 percent, and are watching for remarks from Fed Chair Kevin Warsh. Crude oil prices jumped over 3% after Iran's Islamic Revolutionary Guard Corps fired missiles at US forces in the Middle East, though all were intercepted. Meanwhile, gold prices fell more than 1% as the dollar strengthened near a one-month high.
Iran fired missiles at US forces, raising Middle East tensions and boosting crude oil prices.
Dollar strengthened near one-month high ahead of Fed decision, pressuring gold prices.