U.S. stocks open higher Wednesday as investors await result of Fed meeting

U.S. stock benchmarks opened higher Wednesday, as investors await the result of the Federal Reserve’s two-day policy meeting. The Dow Jones Industrial Average was up around 0.9% soon after the opening bell, while the S&P 500 rose 1% and the Nasdaq Composite gained 1.1%, according to FactSet data, at last check. Many investors are expecting the Fed to announce this afternoon that the central bank will raise its benchmark interest rate by 75 basis points in an effort to bring soaring inflation under control. The Federal Open Market Committee’s statement will be released at 2 p.m. Eastern Time, with Fed Chair Jerome Powell scheduled for a press conference at 2:30 pm.

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