New York: US stocks bounced back amid oil recovery in the morning session on Tuesday, as Wall Street eyed the Federal Reserve's two-day policy meeting.

At midday, the Dow Jones Industrial Average jumped 242.16 points, or 1.52 percent, to 16,127.38. The S&P 500 gained 21.63 points, or 1.15 percent, to 1,898.71. The Nasdaq Composite Index was up 38.38 points, or 0.85 percent, to 4,556.87.