NEW YORK (AP) — U.S. stocks are rising Wednesday morning, following global markets higher, as investors wait for the Federal Reserve to conclude a policy meeting. The Bank of Japan didn’t change its policies much. Energy and metals prices are rising as the dollar gets a bit weaker.
KEEPING SCORE: The Dow Jones industrial average added 82 points, or 0.5 percent, to 18,211 as of 10:15 a.m. Eastern time. The Standard & Poor’s 500 index picked up 11 points, or 0.5 percent, to 2,150. The Nasdaq composite rose 31 points, or 0.6 percent, to 5,272.
BANK OF JAPAN: Japan’s central bank made some technical changes that give it more influence over long-term interest rates. It said it will continue trying to stimulate the Japanese economy until inflation is higher than 2 percent a year, but it didn’t reduce interest rates any further. Some analysts thought the central bank would take further steps to bolster economic growth. Those steps could have weakened the yen. Since they weren’t, the dollar fell to 100.75 yen from 101.84 yen.
ENERGY: Oil prices rose after the American Petroleum Institute said fuel stockpiles are continuing to shrink. Benchmark U.S. crude added 84 cents, or 1.9 percent, to $44.89 a barrel in New York. Brent crude, used to price international oils, rose 64 cents, or 1.4 percent, to $46.52 a barrel in London. That helped energy companies, and Anadarko Petroleum rose $1.62, or 2.8 percent, to $59.89 while Chevron added 94 cents, or 1 percent, to $98.64.
ADOBE JUMPS: Software maker Adobe Systems climbed after it raised its forecasts for the year. Adobe also reported solid third-quarter results. Its stock climbed $7.23, or 7.2 percent, to $107.85.
CHECKS IN THE MAIL: FedEx boosted its forecasts for the year as it projected a record holiday season, and the shipping company posted better first-quarter results than analysts had expected. The stock rose $9.15, or 5.6 percent, to $172.
KB BEAT: KB Home added 58 cents, or 3.5 percent, to $15.51 after the homebuilder disclosed strong results. Homebuilders had slumped Tuesday after the U.S. government said construction of new homes slowed down in August.
FLAT TIRE: CarMax lost $1.86, or 3.3 percent, to $53.95 after the used car dealership reported weaker than expected sales.
BUYBACKS: Target said it plans to buy back $5 billion in company stock, and its shares gained 85 cents, or 1.2 percent, to $69.52. Microsoft said it will buy back $40 billion in stock and also raised its quarterly dividend. The technology giant’s stock rose 71 cents, or 1.2 percent, to $57.54.
FED TO FOLLOW: Investors doubt the Fed will raise interest rates when it wraps up its policy meeting on Wednesday, but are watching closely for hints about future moves. The central bank’s statement and a press conference led by Fed Chair Janet Yellen will be the focus.
BONDS, CURRENCIES: Bond prices fell. The yield on the 10-year Treasury note rose to 1.71 percent from 1.69 percent. The euro dipped to $1.1144 from $1.1157.
OVERSEAS: Germany’s DAX rose 0.7 percent and the FTSE 100 of Britain added 0.2 percent. France’s CAC 40 climbed 0.8 percent. Tokyo’s Nikkei 225 reversed an early loss and closed 1.9 percent higher. The Hang Seng of Hong Kong gained 0.6 percent and South Korea’s Kospi rose 0.5 percent.
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