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US stocks rise ahead of Fed meeting

NEW YORK (AP) - Stocks are inching up in morning trading. But the real action isn't expected until the afternoon.

That's when the Federal Reserve wraps up its two-day policy meeting and, presumably, gives investors some signal about whether it plans to pump more money into the economy.

After two days of fizzling, the Dow Jones industrial average is up 61 points to 13,070 early Wednesday. The Standard & Poor's 500 is up five at 1,384. The Nasdaq composite is up 13 to 2,953.

Harley-Davidson is down 7 percent after its revenue came in below analysts' forecasts. Avon is down 4 percent after missing expectations for revenue and income.

Payroll provider ADP says U.S. businesses added 163,000 jobs last month. The report comes two days before the government releases its own calculations for July.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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