US stocks higher before key Fed decision

Fed expected to increase rates by 50 basis points

By Ovunc Kutlu

ISTANBUL (AA) - US stocks were higher Wednesday before a key rate hike decision from the Federal Reserve.

The Dow rose 265 points, or 0.78%, to 34,376 at 1.48 p.m. EDT. The S&P 500 added 30 points, or 0.75%, to 4,050.

The tech-heavy Nasdaq increased 87 points, or 0.78%, to 11,344.

Annual US consumer inflation came in at 7.1% in November, easing from 7.7% in October, according to the figures released Tuesday.

The inflation data came hours before the Fed kicked off its two-day monetary policy meeting Tuesday. The central bank will announce its interest rate decision at 2 p.m. EDT.

The Fed is expected to increase rates by 50 basis points.

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