Stocks Opened Mixed ahead of Fed Decision

-- Wednesday, December 11, 2019, 9:53 --

U.S. stocks opened mixed on Wednesday ahead of the Federal Reserve’s final monetary policy decision of the year. The Dow Jones Industrial Average lately fell 13.83 points, 0.05%, to 27,867.89. The S&P 500 added 5.30 points, 0.17%, to 3,137.82. The Nasdaq Composite rose 16.54 points, 0.19%, to 8,632.73.

Oil futures slipped early after a U.S. inventory report late-Tuesday showed a bigger-than-expected weekly climb and as investors watched for an update in policy from the Federal Reserve. West Texas Intermediate crude for January delivery declined 32 cents, or 0.5%,at $58.92 a barrel. February Brent crude lost 47 cents, or 0.7%, to trade at $63.87 a barrel.

The Federal Open Market Committee’s (FOMC) December monetary policy decision is set for release at 2:00 p.m. ET, followed at 2:30 p.m. by a press conference from Federal Reserve Chair Jerome Powell. Consensus economists expect the Fed will hold benchmark interest rates at their current band of between 1.50% to 1.75%.

U.S. consumer prices rose more than expected in November. The Labor Department said on Wednesday its consumer price index increased 0.3% last month as households paid more for gasoline. The CPI advanced 0.4% in October. In the 12 months through November, the CPI rose 2.1% after gaining 1.8% in October.