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New York - Wall Street stocks on Wednesday moved higher in early trade following a weak US inflation report as the market awaited a policy update from the Federal Reserve.
The Dow Jones Industrial Average stood at 17 151.88, up 83.01 points (0.49%).
The broad-based S&P 500 advanced 12.37 (0.63%) to 1 985.11, while the tech-rich Nasdaq Composite Index rose 24.79 (0.55%) to 4 572.62.
Update the outlook
US consumer prices fell 0.3% in November, much more than forecast, due to a 3.8% fall in energy prices.
The slowdown in inflation eases pressure on the Fed to raise interest rates from the zero-level where they have sat for six years.
The Fed completes a two-day policy meeting later on Wednesday in which it is expected to update the outlook for tightening monetary policy in the coming year.
US stocks have fallen the last three sessions amid concerns over the sharp fall in oil prices and a big drop in the Russian ruble.
Package-delivery giant FedEx fell 4.9% despite reporting a 23% gain in second-quarter earnings to $616m. The results translated to $2.14 per share, eight cents shy of Wall Street expectations as the company benefited less than anticipated from lower fuel prices.
Rival UPS fell 2.1%.
Clinical result
Food manufacturer General Mills rose 1.6% as adjusted earnings for the second quarter of 80 cents per share bested expectations by three cents.
Auspex Pharmaceuticals shot up 96.7% after announcing positive clinical results for a drug under development to treat Huntingdon's disease.
Bond prices were mixed. The yield on the 10-year US Treasury held steady at 2.07%, while the 30-year rose to 2.71% from 2.70%. Bond prices and yields move inversely.
