Dow Jones spikes 370 points

US stock indices rallied on Wednesday ahead of the Federal Reserve's policy decisions.

US retail sales fell in May unexpectedly, by 0.3%, while analysts expected a rise of 0.1%. 

Core sales, excluding food and energy, rose 0.5% last month, while analysts expected a 0.7% rise. 

Now markets await the Federal Reserve's policy decisions later today, expected to hike rates by 50 basis points at least.

Fed chair Jerome Powell will then present his remarks to lay out the path forward in monetary policies.

Dow Jones rose 1.2% to 30,733 as of 14:00 GMT, while S&P 500 rose 1.3% to 3,786, as NASDAQ climbed 1.6% to 10,998.