U.S. stocks open higher after sharp decline

U.S. stocks opened mildly higher on Wednesday, recovering from Tuesday's selloff, as investors eyed closely indications on the timing of a Fed interest rate hike.

Wall Street is waiting on the Federal Reserve's two-day-meeting next week, as there was little news driving action in recent sessions.

The central bank is strongly considering whether to drop its promise to be "patient" before raising short-term rates, which would pave the way for a debate about a rate increase at its June meeting, according to the Wall Street Journal.

Meanwhile, the dollar continued to soar against the euro in the early trading. The euro decreased 0.96 percent in the early Wednesday from the previous session, as the European Central Bank's quantitative easing program gets underway.

A strong dollar rattled investors Tuesday. The dollar index, which measures the greenback against six major currencies, was up 0.32 percent at 94.559 in late trading Tuesday, the highest level since September 2003.

Shortly after the opening bell, the Dow Jones Industrial Average rose 34.45 points, or 0.20 percent, to 17,697.39. The S&P 500 was up 3.85 points, or 0.19 percent, to 2,048.01. The Nasdaq Composite Index gained 3.45 points, or 0.07 percent, to 4,863.24.

U.S. stocks suffered big losses on Tuesday, pressured by the surging U.S. dollar and persisting concerns about debt talks with Greece. Endi