US stocks rise ahead of Federal Reserve meeting

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Associated Press

Posted on March 20, 2013 at 10:01 AM

Updated Wednesday, Mar 20 at 10:02 AM

Stocks are rising on Wall Street ahead of a decision by the Federal Reserve about whether to push ahead with aggressive measures to boost the economy.

Concern eased about a possible financial crisis in Cyprus. The Mediterranean nation needs a bailout to avoid defaulting on its financial obligations.

The Dow Jones industrial average was up 51 points, or 0.4 percent, to 14,507 shortly before noon Eastern time Wednesday.

The Standard & Poor's 500 index rose 8 points, or 0.5 percent, to 1,556. The Nasdaq composite index rose 15, or 0.5 percent, to 3,244.

Adobe Systems rose 4 percent after reporting strong results and a pickup in online subscriptions. FedEx slumped 6 percent after the company reported a 31 percent plunge in income as shippers chose cheaper package delivery options.

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