U.S. stocks bounce ahead of Fed meeting

U.S. stocks opened higher on Tuesday, snapping a five-day losing streak, as Wall Street eyed U.S. Federal Reserve's two-day meeting.

The Fed is to kick off its meeting later Tuesday, which is the last one before September.

Investors are not expecting any major decisions this week, but they will be looking for hints on the timing for possible interest rate hike. Investors have anticipated September or December is the most likely date for a "liftoff" this year.

On the economic front, the S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, showed that the 10-City Composite gained 4.68 percent year over year in May, while the 20-City Composite added 4.94 percent.

In corporate news, the China-based Internet search giant Baidu announced its financial results for the second quarter on Monday. The company reported total quarterly revenues of 2.673 billion U.S. dollars, an increase of 38.3 percent from the same period in 2014, but gave weaker-than-expected guidance for the third quarter in this year.

Shortly after the opening bell, the Dow Jones Industrial Average was up 42.86 points, or 0.25 percent, to 17,483.45. The S&P 500 gained 9.10 points, or 0.44 percent, to 2,076.74. The Nasdaq Composite Index rose 15.14 points, or 0.30 percent, to 5,054.91.

U.S. stocks fell for the fifth straight session on Monday as a broad-based sell-off in overseas stock markets weighed on Wall Street sentiment. Endi