Global Stocks: U.S. indices gained and helped Asian stocks climb

U.S. stock indices rose on Tuesday as investors prepared for the Federal Reserve's meeting. "There is a lot of uncertainty around the decision and for the large part the market is just willing the decision and that uncertainty to be over," an analyst at J.P. Morgan said.

The Dow Jones Industrial Average rose 228.89 points, or 1.4%, to 16599.85. The S&P 500 gained 25.06 points, or 1.3%, to 1978.09 (all of its 10 sectors gained). The Nasdaq Composite Index added 54.76 points, or 1.1%, to 4,860.52.

The Department of Commerce reported yesterday that U.S. consumers increased their spending in August, though at a slower pace than economists had expected. Sales at retail shops and restaurants rose by a seasonally adjusted 0.2% in August compared to a 0.7% rise reported previously (revised from +0.6%). Economists expected sales to grow by 0.3%.

Meanwhile the NY Fed Empire State manufacturing index slightly improved in September, but missed expectations. The index climbed to -14.67 from -14.92 in August. Economists expected the index to advance to -0.75.

This morning in Asia Hong Kong Hang Seng rose 1.01%, or 217.38 points, to 21,672.61. China Shanghai Composite Index climbed 0.15%, or 4.39 point, to 3,009.57. The Nikkei added 0.81%, or 145.89 points, to 18,172.37.

Asian stock indices rose following gains in U.S. equities. Investors are also waiting for news from the Federal Reserve.

Stocks of export-oriented Japanese companies were supported by a weaker yen.