Stocks poised for strong start
Investors focus attention on Federal Reserve meeting. World markets rally.
NEW YORK (CNNMoney.com) -- U.S. stocks were set to open higher Tuesday, following the lead of a European rally ahead of the start of the Federal Reserve's two-day policy meeting.
At 8:23 a.m. ET, S&P 500, Nasdaq-100 and Dow Jones industrial average futures were higher.
Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.
Neil Adams, a broker at MF Global in London, said that U.S. futures were reacting to a rally in the European markets. He said the FTSE was up about 1% as a metal rally fueled mining stocks such as Rio Tinto (RTP).
Aside from that, Adams said investors are facing an "absence of data" until the Federal Open Market Committee meeting wraps up on Wednesday.
U.S. stocks ended a choppy session mixed Monday, as investors mulled the more than six-month advance on Wall Street. This is after stocks managed to reach fresh 2009 highs on Friday.
Fed: Investors expressed optimism as they awaited the start of Fed meeting, which gets underway Tuesday.
The Fed is likely to hold short-term interest rates steady at historic lows near zero when it releases its policy statement Wednesday.
Economy: After the opening bell, the Federal Housing Finance Agency (FHFA) releases its July home price index. Prices are expected to have risen 0.5% after rising 0.5% in June.
Companies: The Government of Singapore Investment Corp., a sovereign wealth fund also known as GIC, sold off half its stake in Citigroup to below 5%, profiting by $1.6 billion. As a result, Citigroup's (C, Fortune 500) stock rose 2%.
World markets: Global stock indexes advanced. In Asia, Japan's Nikkei climbed 1.4%, and major European markets rallied in midday trading.
Money and oil: The dollar fell versus major international currencies, including the euro, the yen and the British pound.
The price of oil rose $1.15 per barrel to $70.86. 
