U.S. stocks close higher as eyes turn to Fed statement

U.S. stocks ended modestly higher on Tuesday, in a partial rebound from the previous session's sharp decline. Based on preliminary closing figures, the Dow Jones Industrial Average DJIA, +0.47% rose 121 points, or 0.5%, to 24,730. The S&P 500 SPX, +0.15% rose 4 points, or 0.2%, to 2,717. The Nasdaq Composite Index COMP, +0.27% gained 20 points to 7,364, a rise of 0.3%. Trading was somewhat subdued as investors turned their focus to an upcoming statement by the Federal Reserve, which is expected to announce an increase in its key interest rate Wednesday afternoon. Energy shares were the biggest gainers of the day, with the sector up 0.9%, advancing alongside a 2.3% increase in the price of U.S. crude futures. On the downside, Facebook Inc. FB, -2.56% fell 2.6%, extending a sharp decline on Monday that represented its biggest one-day drop in about four years. The social-media giant is down 9.5% on the week amid questions about how it has handled user data.