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US stocks move higher; Traders watch Fed meeting

The facade of the New York Stock Exchange, Thursday, Oct. 2, 2014. Global stocks were mostly lower Wednesday Dec. 17, 2014 as oil prices tumbled again while investors waited for a U.S. Federal Reserve statement on monetary policy. (AP Photo/Richard Drew) The facade of the New York Stock Exchange, Thursday, Oct. 2, 2014. Global stocks were mostly lower Wednesday Dec. 17, 2014 as oil prices tumbled again while investors waited for a U.S. Federal Reserve statement on monetary policy. (AP Photo/Richard Drew)

By Associated Press December 17, 2014 1 min read

NEW YORK (AP) – 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 percent, to 17,221 as of 11:45 a.m. Eastern time Wednesday.

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