Stocks Opened Higher ahead of Fed Statement

U.S. stocks opened higher on Wednesday, ahead of a Federal Reserve statement that could provide hints on the timing of a rate hike. The Dow Jones Industrial Average lately added 51.83 points, or 0.29%, to 17,956.31. The S&P 500 gained 5.82 points, or 0.28%, to 2,102.11. The Nasdaq Composite was up 16.97 points, or 0.34%, to 5,072.52.

The Fed statement is due at 2 p.m. ET, followed by Chair Janet Yellen’s news conference half an hour later, with analysts expecting her to focus on signs the economy is recovering after a bumpy start to the year.

Bank of England policymakers warned this month Britain could be affected when other countries start to raise interest rates, but that the outlook for British rates hinged on domestic inflation.

Greek Prime Minister Alexis Tsipras said he’s ready to take responsibility for rejecting the terms of a deal on aid if creditors’ demands are unacceptable.

Starbucks plans to close all 23 La Boulange stores as well as two manufacturing facilities just three years after buying the bakery chain, the company announced Tuesday.

FedEx Corp. reported revenue and adjusted profit that came in shy of Wall Street expectations for its May quarter. For the fourth quarter ended May 31, FedEx posted a loss of $895 million, or $3.16 a share, compared with a profit of $780 million, or $2.62 a share, in the year-earlier period.