Stocks are higher

Stocks are rallying after closing lower two straight sessions.

Near 10:00 a.m. ET, the Dow was up 64 points, the Nasdaq was up 4 points, and the S&P 500 was up 8 points.

The Federal Reserve started its two-day meeting on Tuesday. When it announces its latest monetary policy decision on Wednesday, it is provided to keep interest rates unchanged, and Fed chair Janet Yellen will give an update assessment of the economy.

US treasuries are higher, with the yield on the benchmark 10-year note at around 2.34%.

In economic data, building permits rose to the highest level since January 2007 in May. Building permits rose 11.8% to an annualized pace of 1.1 million. But starts fell 11.1% to an annualized pace of 1.04 million, missing forecasts.

NOW WATCH: This Excel trick helps you find exactly what you’re looking for in a heap of data

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.