Stocks Opened Higher ahead of Fed Rate Decision

U.S. stocks opened higher on Wednesday, after the Bank of Japan overhauled its monetary policy to target interest rates, ahead of a key decision from the Federal Reserve. The Dow Jones Industrial Average lately rose 82.93 points, or 0.46%, to 18,212.89. The S&P 500 gained 10.13 points, or 0.47%, to 2,149.89. The Nasdaq Composite advanced 27.18 points, or 0.52%, to 5,268.53.

Japan’s central bank opted Wednesday to keep its policies mostly unchanged, with some technical adjustments to how it controls interest rates. The BOJ introduced an interest-rate target for 10-year government bonds, committing to keep them around zero, and said it would continue with its asset-purchase program until inflation “exceeds” 2%.

Viacom Inc. cut its dividend in half on Wednesday and said recently named Interim Chief Executive Tom Dooley would depart in November. The company also said it is no longer seeking to see a minority stake in Paramount Pictures.

Target Corp. said Wednesday that its board authorized a $5 billion share repurchase program. The share repurchases will begin when its current $10 billion program expires, expected before the end of the year, and should allow Target to repurchase shares through 2017.