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(Close): US stocks posted solid gains on Tuesday boosted by reports that the latest US Federal Reserve meeting will show the central bank is in no hurry to raise interest rates.

The Fed announces the results of its monetary policy meeting on Wednesday.

The Dow Jones jumped 100.83 points to 17,131.97 and the S&P gained 14.85 points to 1,998.98 - its best performance for a month.

The Nasdaq rose 33.86 points to 4,552.76.

The Fed has said it doesn't expect to raise rates until 2015.

However recent strong economic data has led officials to acknowledge that they may need to increase interest rates sooner.

"We all know the rate change is coming sometime during 2015, but people are kind of splitting hairs to try to decide if it is going to be early in the second quarter or late in the second quarter, and that is what all of this is about right now," said Peter Jankovskis, co-chief investment officer at OakBrook Investments.

Earlier, US producer price data had shown there was no change in August, following a 0.1% rise the month before.