US market indexes move higher ahead of latest Fed policy meeting; Ruble stabilizes

NEW YORK, N.Y. – The U.S. stock market is moving higher ahead of a policy announcement from the Federal Reserve.

Energy stocks rose sharply after the price of crude oil turned higher.

The Dow Jones industrial average rose 152 points, or 0.9 per cent, to 17,221 as of 11:45 a.m. Eastern time Wednesday.

The Standard & Poor’s 500 index gained 22 points, or 1.2 per cent, to 1,995. The Nasdaq composite climbed 47 points, or 1.1 per cent, to 4,595.

Fed policymakers conclude a two-day meeting later Wednesday. Traders are hoping the Fed won’t signal that it’s considering raising interest rates above their historically low levels.

The Russian ruble regained some of the ground it has lost recently against the dollar after Russian authorities said they would use the country’s foreign currency reserves to buy rubles.