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Stocks rose Tuesday afternoon, as investors watched for the results from crucial Federal Reserve policy meeting.

The S&P 500 (^GSPC) rose close to 0.3%, beating back earlier losses, while the Dow Jones Industrial Average (^DJI) rose 0.7% or more than 200 points, coming off a winning day for the major gauges. The tech-heavy Nasdaq Composite (^IXIC) increased almost 0.1% as Nvidia (NVDA) shares retreated in the wake of AI updates from its annual developer conference.

Attention is firmly on the Fed's two-day meeting beginning Tuesday morning, seen as a test for stocks bruised by recent inflation surprises that undermined bets on interest-rate cuts coming soon.

With policymakers widely expected to keep rates at their historic highs, the focus is on the "dot plot" for any clues to the number and timing of any cuts this year. The central bank's policy decision is due Wednesday at 2 p.m. ET.

Meanwhile, the Bank of Japan ended its era of negative rates with its first hike in 17 years, making a splash in a week packed with central bank decisions.

In cryptocurrencies, bitcoin (BTC-USD) continued to pull back from its recent record high, falling over 5% to hover above $64,000, on track for its biggest one-day loss in two weeks. Shares of crypto-linked companies Coinbase (COIN) and Marathon Digital (MARA) lost ground alongside the token.

On the corporate front, shares of Unilever (UL) popped after the Ben & Jerry's maker said it would cut jobs and spin off its ice cream unit.

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