U.S. stocks open higher as Fed meeting begins

U.S. stocks opened higher amid oil recovery on Tuesday, as Wall Street eyed the Federal Reserve's two-day policy meeting on Tuesday and Wednesday.

The Federal Open Market Committee kicked off its monetary policy meeting on Tuesday and will release a statement on Wednesday afternoon.

Analysts predicted that the Fed won't take any rate action at this meeting amid oil weakness. However, investors will look into the statement for further clues on the economic environment and the future path of tightening.

The volatility in oil prices has dominated market sentiment recently. Oil prices, which have plummeted nearly 20 percent since the beginning of the year, rebounded about 1 percent in early trading Tuesday.

On Monday, oil prices tumbled over 5 percent on profit taking after Friday's surge, as Iraq announced record-high oil production.

As it will take years to wash out the whole supply in oil market and reach the balance point where supply meets demand, many analysts do not expect oil prices to recover soon.

Shortly after the opening bell, the Dow Jones Industrial Average rose 93.96 points, or 0.59 percent, to 15,979.18. The S&P 500 added 8.76 points, or 0.47 percent, to 1,885.84. The Nasdaq Composite Index increased 18.50 points, or 0.41 percent, to 4,536.99.

On Monday, U.S. stocks suffered big losses, as a renewed decline in oil prices weighed on Wall Street ahead of the Fed's monetary policy meeting. Endi