European stocks spike to two-week highs ahead of Fed's policy decisions

European stocks rallied on Wednesday to two-week highs amid positive sentiment in the markets, while investors await the Federal Reserve's policy decisions later today.

Dow Jones Stoxx Europe 600 rose 2.7% as of 11:15 GMT, marking March 3 highs, after closing down 0.3% yesterday.

Stoxx Europe index rallied to two-week highs today with most sectors gaining ground.

S&P 500 futures rose 1.3%, after closing up 2.1% yesterday, the first profit in four sessions on hopes for the Ukrainian-Russian peace talks.

BMW's stock rose 2% after CEO Oliver Zipse pointed to improvements in supply lines.

Most global stocks are looking upwards ahead of the Fed's policy decisions, expected to hike rates by 25 basis points for the first time since 2018.

The Fed will also present its 2022 forecasts for interest rates throughout the year.

The Euro Stoxx 50 rallied 3.2%, while France's CAC 40 rose 3.4%, as Germany's DAX rose 3.1%, while London's Financial Time 100 rose 1.5%.