Dow Jones rises more than 350 points ahead of Fed decision

US stocks rallied during today's trading as market optimism was renewed about the possibility of an end to the ongoing trade war, as well as Wall Street receiving support from the recovery of the energy sector, with focus shifting to the Federal Reserve meeting.

US President Donald Trump said he would meet his Chinese counterpart Xi Jinping at a meeting on the sidelines of the G20 summit to discuss trade disputes.

Economic data showed the pace of the US home construction fell by 0.9% to 1.26 million units last month.

The US Federal Reserve will announce its interest rate decision on Wednesday with expectations that it will remain unchanged. After the decision, Central Bank President Jerome Powell will hold a press conference to comment on the economic developments.

In the oil market, West Texas rose by 3.8% to close at $53.9 per barrel, the highest close since June 7, with the highest price of the day at $54.3 and the lowest price at $51.5.

Brent rose 2% to $62.14 per barrel, with the highest at $62.8 and the lowest at $60.2.

At the end of the session, Dow Jones rose 1.3% (353 points) to 26,465 points, reaching a high of 26,527 points and a low of 26,227 points.

Nasdaq also rose 1.4% (109 points) to 7,954 points, and hit a high of 8,005 points and a low of 7,911 points.

Standard & Poor's rose 0.9% (28 points) to 2,917 points, with the highest level at 2,930 points and the lowest at 2,905 points.