Stocks Opened Higher ahead of Fed Meeting

U.S. stocks opened higher on Tuesday, as investors were looking ahead to the start of a two-day meeting by the Federal Reserve that is widely expected to end with the announcement of higher interest rates on Wednesday afternoon. The Dow Jones Industrial Average lately rose 101.55 points, or 0.51%, to 19,897.98. The S&P 500 gained 13.22 points, or 0.59%, to 2,270.18. The Nasdaq Composite added 49.13 points, or 0.91%, to 5,461.67.

American families are taking on increasing amounts of debt, even as incomes fail to keep pace. Indebted households today have credit card balances averaging $16,061 — just shy of 2008’s high, according to a new NerdWallet report, based on data from the Federal Reserve Bank of New York and the U.S. Census Bureau.

U.S. import prices recorded their biggest drop in nine months in November on declining petroleum costs, with renewed dollar strength threatening to keep imported inflation subdued. The Labor Department said on Tuesday import prices fell 0.3 percent last month after a downwardly revised 0.4 percent gain in October.

Oil prices swung higher on Tuesday after an energy watchdog lifted its demand forecast for this year and predicted the OPEC deal will bring stability to the struggling oil market. Light, sweet crude futures for delivery in January gained 22 cents, or 0.4%, to $53.05 a barrel. February Brent crude added 27 cents, or 0.5%, to $55.96 a barrel.