Stocks Opened Higher ahead of Fed Announcement

U.S. stocks opened slightly higher on Wednesday as investors prepared for an expected interest-rate hike from the Federal Reserve in the afternoon. The Dow Jones Industrial Average lately gained 44.44 points or 0.21%, to 20,881.81. The S&P 500 rose 5.52 points, or 0.23%, to 2,370.97. The Nasdaq Composite advanced 6.90 points, or 0.12%, to 5,863.71.

At 2:00 p.m. ET on Wednesday, the Federal Open Market Committee will release its latest monetary policy decision, which markets expect will see the central bank take its benchmark interest rate to 0.75%-1% from 0.50%-0.75%.

Oil prices climbed more than $1 on Wednesday, lifted by a surprise drawdown in U.S. inventories and data from the International Energy Agency (IEA) suggesting OPEC cuts should create a crude deficit in the first half of 2017. April West Texas Intermediate crude rose 96 cents, or 2%, to $48.69 a barrel. May Brent crude gained 99 cents, or 1.9%, to $51.91 a barrel.

Most U.S. retailers reported weak sales in February despite unseasonably warm weather. ales at retailers nationwide rose a scant 0.1% in February, slowing sharply after big gains in the prior two months, the government reported Wednesday.

General Motors Co plans next year to rehire 500 workers at a Michigan assembly plant who are to be laid off in May, citing increased demand for larger vehicles, the company said on Wednesday.