US stocks jump as investors look to continue October rally ahead of key Fed policy decision

• US stocks rose Tuesday as November trade got underway.
• Investors were working on building on October's record performance.

Wall Street's main indexes climbed as November trade got underway following a record performance in October including the best October ever and the best month since 1976.

Investors were preparing for Wednesday's likely decision by the Federal Reserve to raise interest rates by another 75 basis points. But stocks have been running higher in recent sessions on anticipation that the Fed will indicate a downshift in the size of further rate hikes to assess developments on inflation and the broader economy.

Stocks found support Tuesday on speculation that China may be considering its strict zero-COVID policy that has sent businesses and residents under lockdowns to curb infections. Meanwhile, tech got a boost from Uber stock, which soared after the ride-sharing platform said firmer demand lead to a revenue surge.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:

• S&P 500: 3,910.38, up 0.99%

• Dow Jones Industrial Average: 32,948.39, up 0.66% (215.44 points)

• Nasdaq Composite: 11,111.13, up 1.17%

Here's what else is happening today:

• Biden is threatening a windfall tax on energy companies after he slammed them for "war profiteering".
• Tightening oil supply will drive crude oil prices to $115 a barrel by April, says a Goldman Sachs strategist.
• Warren Buffett's Berkshire Hathaway has scored about a $13 billion gain on Chevron and Occidental.

In commodities, bonds, and crypto:

• West Texas Intermediate crude rose 2.8% to $88.92 per barrel. Brent crude, the international benchmark, edged up 0.4% to $95.24.

• Gold gained 1% to $1,657 per ounce.
• The 10-year Treasury yield fell eight basis points to 3.94%.
• Bitcoin rose 0.6% to $20,529.04.