Stocks Opened Higher ahead of Fed Meeting

U.S. stocks opened slightly higher on Tuesday, as investors refrained from big bets ahead of the start of a two-day Federal Reserve policy meeting and earnings releases from Apple and other high-profile companies. The Dow Jones Industrial Average lately gained 15.46 points, or 0.07%, to 20,928.92. The S&P 500 was off 0.19 point, or 0.01%, to 2,388.14. The Nasdaq Composite was down 2.58 points, or 0.04%, to 6,089.02.

Oil prices gained moderately Tuesday, helped by a softer dollar, even as oversupply concerns centered now on Libyan output and rising U.S. production keep a lid on the market. June West Texas Intermediate crude rose 36 cents, or 0.7%, to $49.19 a barrel. July Brent rose 54 cents, or 1%, to $52.05 a barrel.

The U.S. Federal Reserve is expected to hold interest rates steady at its meeting this week as it pauses to parse more economic data but may hint it is on track for an increase in June. The central bank is scheduled to release its policy decision at 2 p.m. EDT on Wednesday at the conclusion of its two-day meeting.

Pfizer Inc. (PFE) reported a first-quarter profit beat and revenue miss early Tuesday. Earnings for the latest quarter rose to $3.12 billion, or 51 cents per share, from $3.04 billion, or 49 cents per share, in the year-earlier period. Revenue rose to $12.78 billion from $13.01 billion.

Merck & Co. Inc. (MRK) reported first-quarter profit and sales that rose above expectations, and lifted its full-year outlook. Net income increased to $1.55 billion, or 56 cents a share, from $1.13 billion, or 40 cents a share in the same period a year ago. Revenue rose 1% to $9.43 billion from $9.31 billion.