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US market indexes open slightly higher ahead of latest Fed policy meeting

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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.

PHOTO: The facade of the New York Stock Exchange, Thursday, Oct. 2, 2014. Global stocks were mostly lower Wednesday Dec. 17, 2014 as oil prices tumbled again while investors waited for a U.S. Federal Reserve statement on monetary policy. (AP Photo/Richard Drew)
The facade of the New York Stock Exchange, Thursday, Oct. 2, 2014. Global stocks were mostly lower Wednesday Dec. 17, 2014 as oil prices tumbled again while investors waited for a U.S. Federal Reserve statement on monetary policy. (AP Photo/Richard Drew)

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.

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