Daily summary: US stocks mixed as Fed begins two-day meeting

• European equities rally, Dax ends near record high
• S&P 500 hits record, Dow falls 
• US retail sales fell more than expected

European indices finished today's session higher amid optimism surrounding economic recovery and better than expected investor morale in Germany. EU leaders reaffirmed their commitment to support the bloc's economy amid the COVID-19 crisis, and agreed on the need to keep a budgetary stance in 2021 and in 2022, which should support economic recovery. On the corporate front, German carmaker Volkswagen stock surged nearly 7% after the company announced plans to sell 1 million EVs in 2021. DAX 30 rose 0.7%, CAC advanced 0.3% and FTSE 100 finished 0.8% higher.

Mixed sentiment prevails on the US stock market as the Federal Reserve's kicked off its two-day meeting. The S&P 500 fell from fresh record highs, Dow Jones lost 0.35% and Nasdaq erased some of the early gains but is still trading 0.7% higher while the US 10-year yield holds steady at 1.60%. On the data front, retail sales dropped 3% in February, well below analysts’ estimates of a 0.5% decline and both export and import prices rose more than expected. Industrial production fell by 2.2%. Investors await the outcome of the Federal Reserve policy meeting on Wednesday. The central bank is expected to keep rates unchanged and its $120 billion pace of monthly bond purchases on hold. However traders will look for clues as to whether the Fed will take any measures to bring bond yields down.

WTI crude fell nearly 0.8% and is trading around $ 64.90 a barrel, while Brent is trading nearly 0.70% lower around $ 68.40 a barrel. The API report will be published later in the session. Elsewhere gold fell slightly to $ 1,729.00 / oz, while silver is trading 1.4% lower near $ 25.90 / oz. Bitcoin is trading above $ 55,000.