US STOCKS-Indexes rise as crude recovers; Fed meet eyed
* Exxon, Chevron up on crude oil price rise
* Kennametal, 3M slump after forecast cuts
* Valeant up on distribution deal with Walgreens
* Indexes up: Dow 0.93 pct, S&P 1.07 pct, Nasdaq 0.90 pct (Updates to open)
By Abhiram Nandakumar
Dec 15 (Reuters) - U.S. stock indexes were sharply higher in early morning trading on Tuesday as crude oil prices recovered from near 11-year lows and ahead of a widely expected increase in interest rates later in the week.
The U.S. Federal Reserve begins a two-day policy meeting later in the day to decide on rates, with a statement scheduled for Wednesday.
Traders see an 83 percent chance of a liftoff this week, according to the CME Group's FedWatch program, but investors are concerned about the pace of future rate hikes.
A free fall in prices of oil and other commodities has also rattled the junk bond market over the past week, with some high-profile funds forced to halt redemptions as yield spreads ballooned. Continuación...