Wall Street stocks hit fresh record highs on Tuesday as the US Federal Reserve prepared to meet, while the dollar slid.

The Fed's two-day gathering is widely expected to conclude on Wednesday with the central bank agreeing to trim borrowing costs, with policymakers trying to shore up the world's biggest economy.

The dollar dropped against main rivals on Tuesday as lower interest rates make the greenback less attractive to investors, while safe haven gold hit yet another record high.

"The Fed's focus appears to have shelved inflation concerns for now, instead concentrating on a stalling (US) jobs market, which should lead to a 0.25-percent cut," noted Richard Hunter, head of markets at Interactive Investor.

Data released on Tuesday showed retail sales in the United States rose more than

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