NEW YORK — U.S. stocks opened higher Wednesday after a string of losses. Energy stocks led the gains despite the ongoing slump in oil prices.
KEEPING SCORE: The Standard & Poor's 500 index rose 12 points, or 0.7 percent, to 1,987 as of 10:01 a.m. Eastern. The Dow Jones industrial average gained 114 points, or 0.7 percent, to 17,183. The Nasdaq composite climbed 25 points, or 0.6 percent, to 4,572.
FED MEETING: Investors will be assessing the statement from the Federal Reserve's final policy meeting of the year on Wednesday and will be looking to see if U.S. policymakers drop a pledge to keep interest rates low for a "considerable time," as the U.S. economy improves. The Fed will release a statement at 2 p.m. Eastern time and will hold a press conference at 2:30 p.m.
RUSSIA FOCUS: Russia remained in focus on concerns about the impact of the recent slide in the ruble. The currency has lost more than 50 percent of its value this year. After posting fresh losses early Wednesday, the ruble recovered and was 11 percent higher at 61 rubles to the dollar.
The currency recovered some of its losses Wednesday after Russian authorities indicated that they would sell foreign currency to relieve the pressure on the ruble. The Russian currency has suffered in the wake of sliding oil prices and sanctions imposed over Russia's involvement in Ukraine's crisis.
EUROPE'S DAY: In Europe, Germany's DAX was 0.4 percent lower while the CAC-40 in France fell 0.3 percent. The FTSE 100 index of leading British shares fell 0.6 percent.
OIL SLUMP: U.S. crude declined 61 cents to $55.31 a barrel on the New York Mercantile Exchange. Brent crude, which is used to price international oils, lost 76 cents to $59.23 a barrel in London.
BONDS AND CURRENCIES: U.S. government bond prices fell slightly. The yield on the 10-year Treasury note edged up to 2.08 percent from 2.06 percent late Tuesday. The euro was 0.4 percent lower at $1.2450 and the dollar fell 0.1 percent to 117.16 yen.
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Pylas reported from London.
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