U.S. stocks rally ahead of Fed statement

NEW YORK, Dec. 13 (Xinhua) -- U.S. stocks traded higher in the morning session Wednesday as Wall Street awaited the Federal Reserve's monetary policy decision scheduled for release in the afternoon.

Around midday, the Dow Jones Industrial Average rose 157.28 points, or 0.64 percent, to 24,662.08. The S&P 500 added 7.44 points, or 0.28 percent, to 2,671.55. The Nasdaq Composite Index increased 30.16 points, or 0.44 percent, to 6,892.48.

Investors closely watched the Fed's meeting, with an updated policy statement set to be released after the conclusion of the meeting. Following the release, Fed Chair Janet Yellen will hold her last news conference as the central bank chief.

The Fed is widely expected to deliver its third interest-rate hike for 2017, but investors want to see what the policy-making body reveals about 2018.

"We all know the Fed is going to raise rates tomorrow. If they don't it would be a shock. The interesting question is whether they reveal anything about future policy steps," said Chris Low, chief economist at FTN Financial.

On the economic front, the Consumer Price Index (CPI) for all urban consumers rose 0.4 percent in November on a seasonally adjusted basis, in line with market consensus, the U.S. Labor Department reported Wednesday. Over the last 12 months, the all items index rose 2.2 percent.

The index for all items less food and energy (core CPI) increased 0.1 percent in November, and it rose 1.7 percent over the last 12 months.

U.S. stocks closed mixed Tuesday, with both the Dow and the S&P 500 refreshing closing records, as the Fed kicked off its two-day policy meeting. Enditem