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Stocks rise ahead of Fed decision on rates

Posted at 7:32 AM, Dec 16, 2015
and last updated 2015-12-16 10:32:49-05

NEW YORK (AP) — Stocks are opening higher, led by gains in banking shares ahead of an interest rate decision by the Federal Reserve.

JPMorgan Chase and Bank of America each rose 1 percent in early trading Wednesday.

Traders are expecting the Fed to nudge interest rates higher at its policy meeting later in the day, which could make it more profitable for banks to loan money.

The Dow Jones industrial average rose 149 points, or 0.9 percent, to 17,670 as of 9:35 a.m. Eastern time.

The Standard & Poor's 500 index climbed 14 points, or 0.7 percent, to 2,057. The Nasdaq composite rose 37 points, or 0.7 percent, to 5,032.

Bond prices didn't move much. The yield on the 10-year Treasury note held steady at 2.28 percent.