Updated from 9:08 a.m. EDTStocks in New York Tuesday enjoyed an upside open Tuesday, as traders geared up for a Federal Reserve meeting and took in solid earnings from energy firm BP ( BP). The Dow Jones Industrial Average gained 224 points to 8400, and the S&P 500 added 22 to 871. The Nasdaq jumped 48 points to 1554. During a volatile trading session Monday, the three major averages sold off in the last hour, as pessimism about the fate of the global economy took hold of investors. As Tuesday began, the Fed was set to begin deliberations on its interest-rate policy. Many investors expect the Federal Open Market Committee to reduce its target interest rate 50 basis points to 1%. Such a move would signal interest in providing the markets with capital to alleviate the ongoing credit crisis. Meanwhile, the Treasury Department is facing difficulties implementing its $700 billion program to purchase troubled assets from banks, according to a report in The Wall Street Journal. The report indicated that the plan faces delays in hiring managers for the assets. As for earnings, BP, Europe's second-largest oil company, reported third-quarter earnings that increased 83% on high oil and natural gas prices. Occidental Petroleum ( OXY), another oil-patch denizen, also reported a rise in earnings. German software firm SAP ( SAP) said its third-quarter profit slipped 5% and said it would not issue a revenue forecast for the remainder of this year. U.S. Steel ( X) also announced an encouraging third quarter, saying profit more than tripled. However, the company offered softer guidance for the fourth quarter.