US stocks rose in early afternoon trading on Wednesday, with investors counting down to the conclusion of the Federal Reserve's two-day meeting, where the central bank is widely expected to raise rates for the first time this year. The Fed is scheduled to release its latest policy statement along with updated economic forecasts at 2 pm ET (1800 GMT). Fed Chair Janet Yellen is due to hold a press conference half an hour later.
Traders have priced in more than a 90 percent chance of a quarter point rate increase, according to Fed fund futures.
"Overall expectations are largely priced in that we will have a hike today and the question will be if the Fed will be a little bit more hawkish," said Myles Clouston, senior director at Nasdaq Advisory Services in New York.
At 13:13 pm ET the Dow Jones industrial average was up 65.41 points, or 0.31 percent, at 20,902.78 and the S&P 500 was up 10.72 points, or 0.45 percent, at 2,376.17.
The Nasdaq Composite was up 20.61 points, or 0.35 percent, at 5,877.43.
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