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US stocks open higher; traders watch Fed meeting

NEW YORK — The U.S. stock market is opening modestly higher ahead of a key policy announcement from the Federal Reserve.

The Dow Jones industrial average rose 70 points, or 0.4 percent, to 17,140 as of 9:35 a.m. Eastern time Wednesday.

The Standard & Poor’s 500 index gained eight points, or 0.4 percent, to 1,981. The Nasdaq composite climbed six points, or 0.2 percent, to 4,556.

Fed policymakers conclude a two-day meeting later Wednesday. Traders will be watching for any signs that the Fed is considering raising interest rates.

The price of oil fell 89 cents to $55.04 a barrel in New York.

Bond prices fell slightly. The yield on the 10-year Treasury note rose to 2.07 percent.