The Fed has been the focus of investor strategies since June -- more so, that is, than normal -- when the central bank's Chairman Ben Bernanke suggested it was time to consider pulling back on the bank's $85 billion asset purchasing program.
Since then, negative economic reports have been greeted with a flurry of optimism on Wall Street, as a slow recovery was viewed as a reason for the Fed to maintain its accommodating policies.
The Labor Department said Tuesday that 148,000 jobs were added to the economy in September, fewer than the 181,000 per month average of the past eight months.
On Tuesday, the Dow Jones industrial average added 75.46 points, or 0.49 percent, to 15,467.46. The Standard & Poor's 500 index closed at a record 1,754.67 on a gain of 10.01 points, or 0.57 percent. The Nasdaq composite index of tech-dominated stocks added 9.52 points, or 0.24 percent, to 3,929.57.
In Asia, the Nikkei 225 index in Tokyo added 0.13 percent to reach 14,713.25. The Hang Seng index in Hong Kong shed 0.52 percent to 23,315.99. The Shanghai composite index in China lost 0.83 percent to 2,210.65.
In Europe, Germany's DAX index added 0.9 percent to close at a record 8,947.46. The CAC 40 in France added 0.43 percent to 4,295.43. In London, the FTSE 100 index gained 0.62 percent to 6,695.66.
On the New York Stock Exchange, 2,257 issues advanced while 836 declined on volume of 3.8 billion shares traded.
On currency markets, the euro fell to $1.3782 and the dollar fell 98.14 yen. On the Comex division of the New York Mercantile Exchange, gold added $24.20 to $1,340 per troy ounce while silver gained 42.7 cents to $22.71 per ounce.
Ten-year benchmark Treasuries rose 26/32 to yield 2.515 percent.
On the Chicago Board of Trade, corn for December delivery lost 6 cents to $4.38 per bushel. November contract soybeans lost 3 1/4 cents to $13. Wheat for December added 1 1/4 to $7.01.
Swim Week Miami Beach 2014 [PHOTOS]