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Wall Street closed the trading session on a high note Tuesday, as investors braced for the results of a crucial Federal Reserve policy meeting.

The S&P 500 (^GSPC) rose close to 0.6%, beating back earlier losses to close at a fresh record high of 5,178.51. Meanwhile, the Dow Jones Industrial Average (^DJI) rose 0.8%, or more than 300 points. The tech-heavy Nasdaq Composite (^IXIC) increased almost 0.4% as Nvidia (NVDA) shares gained ground in the wake of AI updates from its annual developer conference. The gains capped a second-straight winning day for the major gauges.

Attention is firmly on the Fed's two-day meeting that began Tuesday morning, seen as a test for stocks bruised by recent inflation surprises that undermined bets on interest-rate cuts coming soon.

With policymakers widely expected to keep rates at their historic highs, the focus is on the "dot plot" for any clues to the number and timing of any cuts this year. The central bank's policy decision is due Wednesday at 2 p.m. ET.

Meanwhile, the Bank of Japan ended its era of negative rates with its first hike in 17 years, making a splash in a week packed with central bank decisions.

In cryptocurrencies, bitcoin (BTC-USD) continued to pull back from its recent record high, falling over 5% at one point. Shares of crypto-linked companies Coinbase (COIN) and Marathon Digital (MARA) lost ground alongside the token.

On the corporate front, shares of Unilever (UL) popped after the Ben & Jerry's maker said it would cut jobs and spin off its ice cream unit.

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