(CNBC) — U.S. stocks closed higher Tuesday, supported by stabilization in oil prices and high expectations for the first rate hike in nine years. The Federal Reserve is due to announce its decision Wednesday afternoon.
"It's three things. The backdrop coming into this week is, very oversold. Then it's the ramp up in front of a Fed meeting, which (we've had) historically, and energy stabilizing at the same time is frosting on the cake," said Art Hogan, chief market strategist at Wunderlich Securities.
Energy and financials jumped more than 2 percent each as the top advancers in the S&P 500 in afternoon trade.
Advertisement - story continues below