US stocks open higher before Fed's key decision

ANKARA

Major indices on the US stock market opened higher Wednesday before the Federal Reserve's key interest rate decision.

The Dow was up 270 points, or 0.9%, to 30,634 points at 9.35 a.m. EDT (1335GMT). The S&P 500 rose 37, or 1%, to 3,773.

The tech-heavy Nasdaq gained 116 points, or 1.07%, to 10,945.

Despite expectations of a rate hike of 50 basis points for weeks, the Fed is now expected to raise rates 75 basis points at the conclusion of its two-day meeting at 2 p.m. EDT (1800GMT).

The Fed aims to lower record inflation, which stood at a 40-year high of 8.6% in May, through more aggressive rate hikes.

The VIX volatility index, also known as the fear index, was down 2.2% to 31.97.

The dollar index fell 0.16% to 105.35 and the 10-year US Treasury yield fell 3% to 3.379%.

Precious metals reversed course, with gold rising 1% to $1,826 and silver adding 2.5% to $21.57.

Crude prices were down slightly. Global oil benchmark Brent crude was trading at $120.56 for a 0.5% loss, while US benchmark West Texas Intermediate (WTI) was at $118.20 -- a 0.6% decrease.