Stocks move higher on anticipation of Fed action

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Associated Press

Posted on December 12, 2012 at 10:02 AM

Updated Wednesday, Dec 12 at 11:02 AM

NEW YORK (AP) — Stocks are opening higher on Wall Street as investors await news on whether the Federal Reserve will announce more bond purchases to stimulate the U.S. economy.

The Dow Jones industrial average is up 40 points at 13,287 shortly after the opening bell Wednesday. The Dow has risen for the past five days.

The Standard & Poor's 500 index rose four points to 1,432. The Nasdaq composite rose nine points to 3,031.

The Fed is widely expected to announce a new bond-buying program to replace one that expires at the end of the year. The Fed wraps up a two-day policy meeting Wednesday.

The Fed has launched three rounds of bond purchases since the financial crisis hit in 2008. They have been credited with shoring up financial markets.

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