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U.S. stocks rise ahead of Fed statement

Xinhua, July 30, 2015 Adjust font size:

U.S. stocks traded higher in the morning session on Wednesday, as Wall Street eyed U.S. Federal Reserve's statement that could give clues on the timing of a rate hike.

Around midday, the Dow Jones Industrial Average was up 115.18 points, or 0.65 percent, to 17,745.45. The S&P 500 gained 11.76 points, or 0.56 percent, to 2,105.01. The Nasdaq Composite Index rose 12.75 points, or 0.25 percent, to 5,101.95.

The Federal Open Market Committee (FOMC) will conclude its two- day meeting later on Wednesday, the last one before September.

Investors are not expecting any major decisions this week, but they awaited the release of the Fed statement for hints on the timing for possible interest rate hike. Investors have anticipated September or December is the most likely date for a "liftoff" this year.

On the economic front, weekly mortgage applications increased 0. 8 percent, according to the Mortgage Bankers Association's (MBA) Wednesday.

In corporate news, shares of Twitter fell over 13 percent in the early trading one day after the company announced financial results for the second quarter in 2015.

"Our Q2 results show good progress in monetization, but we are not satisfied with our growth in audience," said Jack Dorsey, interim CEO of Twitter, in a statement.

U.S. stocks posted solid gains Tuesday after falling for five consecutive sessions as Wall Street eyed U.S. Federal Reserve's two-day policy meeting. Endite