Stocks jump, oil retreats to $94 level

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US stocks drift, oil slides as Fed begins meeting

The Dow Jones Industrial Average gained over 200 points or 0.6% while the S&P 500 rose 0.8% and the Nasdaq Composite 1.2%. The Fed faces the challenge of raising rates just quickly and high enough to bat down inflation without overdoing it and causing a recession.

Crude's slide continued Tuesday with U.S. oil hitting $94 per barrel and Brent, the global benchmark, hovering around $98. Gold also retreated to the $1,928 level.

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