Wall Street Rises As Traders Await Fed Decision

June 25, 2008 10:42 a.m. EST

New York, NY (AHN) - Wall Street started on an upswing with markets climbing Wednesday as investors await a decision by the Federal Reserve.

The Dow Jones Industrial Average was up 29 points to 11,837 at 9:33 Eastern. Tuesday, the Dow closed down 34 points as traders pondered the impact of high oil prices.

The broader Standard & Poor's 500 opened five points higher at 1,319. The S&P Tuesday finished 3 points lower.

In the tech sector, the Nasdaq Composite Wedneday opened with an 11-point advance at 2,381. The tech-heavy index Tuesday finished 17 points lower.

Weighing on the minds of investors is a decision by the Federal Reserve Board due at 2:30. Some investors question whether the Fed will again cut interest rates amid concerns of possibly fueling inflation.

A report on new home sales is expected at later this morning.

In commodities, crude oil prices were down $0.40 to $136.60 a barrel.

Gold was down $3.60 at $888 an ounce on the New York Mercantile Exchange.