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US stocks edge up ahead of Fed policy decision - UPDATE

U.S. stocks were up slightly ahead of the decision from the Federal Open Market Committee's policy meeting. 

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U.S. stocks were up slightly ahead of the decision from the Federal Open Market Committee's policy meeting. 

The Dow was lately up 22 points to 13,355, the Nasdaq was 6 points higher at 3,120, and the S&P 500 rose 1 point to 1,438. 

Investors are widely expecting the US Federal Reserve will extend the ultra-low rate environment into 2015, though traders are less certain whether Ben Bernanke will signal another round of quantitative easing despite the weak jobs report last month. 

The Fed will announce its decision at 12:30 p.m. Eastern and Bernanke’s press conference will start at 2:15 p.m. Eastern. 

In other news on the economic front, the Labor Department reported jobless claims rose by 15,000 last week to 382,000 - the highest level since mid-July - with part of the rise attributed to delayed claims filed by people affected by Tropical Storm Isaac.

Without these effects, jobless claims were little changed. Briefing.com had a consensus estimate of 369,000. 

A separate report today had wholesale prices rising 1.7% in August, showing the rise in energy costs.

 

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