Stocks rise at midday ahead of Fed announcement on the economy and interest rates

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NEW YORK — U.S. stocks are rising in midday trading ahead of a Federal Reserve announcement that might signal when the central bank will raise interest rates.

The Fed releases its statement at 2 p.m. Eastern time Wednesday.

The Standard & Poor's 500 index rose one point to 2,000 as 12:08 p.m. The Dow Jones industrial average gained 17 points to 17,149, above its all-time closing high of 17,138.20 from July 16. The Nasdaq composite rose seven points to 4,559.

Investors will be looking to see if the Fed statement keeps the phrase "considerable time," referring to how long it will wait before raising interest rates. The Fed has held short-term rates close to zero for more than five years, which has helped fuel a bull market for stocks.

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