Stocks Opened Slightly Higher ahead of Fed Decision

U.S.stocks opened slightly higher on Wednesday, as investors awaited monetary policy decision from the Federal Reserve. The Dow Jones Industrial Average lately rose 32.84 points, or 0.12%, to 26,412.12. The S&P 500 added 16.00 points, or 0.50%, to 3,234.44. The Nasdaq Composite advanced 85.53 points, or 0.82%, to 10,487.62.

Oil futures traded higher Wednesday, lifted after an industry trade group showed an unexpected drop in U.S. crude inventories last week. West Texas Intermediate crude for September delivery was up 39 cents, or 1%, at $41.43 a barrel. September Brent was up 49 cents, or 1.1%, at $44.10 a barrel.

The U.S. trade deficit in goods showed a 6.1% decline in June as exports grew faster than imports. The advanced trade deficit in goods dropped to $70.6 billion in June from $75.3 in the prior month, the U.S. Census Bureau said Wednesday.