Stocks Opened Mixed ahead of Fed Decision

U.S. stocks opened mixed on Wednesday ahead of the Federal Reserve’s final monetary policy decision of the year. The Dow Jones Industrial Average lately fell 13.83 points, 0.05%, to 27,867.89. The S&P 500 added 5.30 points, 0.17%, to 3,137.82. The Nasdaq Composite rose 16.54 points, 0.19%, to 8,632.73.

Oil futures slipped early after a U.S. inventory report late-Tuesday showed a bigger-than-expected weekly climb and as investors watched for an update in policy from the Federal Reserve. West Texas Intermediate crude for January delivery declined 32 cents, or 0.5%,at $58.92 a barrel. February Brent crude lost 47 cents, or 0.7%, to trade at $63.87 a barrel.

The Federal Open Market Committee’s (FOMC) December monetary policy decision is set for release at 2:00 p.m. ET, followed at 2:30 p.m. by a press conference from Federal Reserve Chair Jerome Powell. Consensus economists expect the Fed will hold benchmark interest rates at their current band of between 1.50% to 1.75%.

U.S. consumer prices rose more than expected in November. The Labor Department said on Wednesday its consumer price index increased 0.3% last month as households paid more for gasoline. The CPI advanced 0.4% in October. In the 12 months through November, the CPI rose 2.1% after gaining 1.8% in October.