US Market: Dow Jones Industrial Average gains 1%, S&P 500 rises 1.3%

Wall Street closed sharply higher yesterday as widespread fears over liquidity in the banking sector abated and market participants eyed the Federal Reserve, which is expected to conclude its two-day policy meeting later today with a 25 basis-point hike to its policy rate. The Dow Jones Industrial Average gained one percent, the S&P 500 rose 1.3 percent and the Nasdaq Composite index climbed 1.6 percent.