* Fed statement on monetary policy due 2:00 p.m. ET
* BOJ adopts target for long-term interest rates
* Microsoft rises on share buyback program
* Indexes up: Dow 0.32 pct, S&P 0.38 pct, Nasdaq 0.35 pct
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
Sept 21 Wall Street rose on Wednesday, helped by
gains in technology and energy stocks, ahead of the Federal
Reserve's decision later in the day.
The Fed is scheduled to release a statement at 2:00 p.m. ET,
followed by Chair Janet Yellen's press conference. While the
chances of a hike are marginal this time, investors will comb
the central bank's statements for clues about a December hike.
U.S. stocks were also supported by the Bank of Japan's
surprise decision to adopt a "yield curve control" under which
it will buy long-term government bonds to keep 10-year bond
yields at current levels around zero percent.
The BOJ also said it would not hesitate to ease monetary
policy to support growth.
The dollar index was flat after touching a near
two-week high on the BOJ policy announcement. The yen
fell 0.94 percent against the dollar.
"I'm trying to get excited about another Fed day," said
Chuck Self, chief investment officer at iSectors LLC in
Appleton, Wisconsin. "The Fed is not going to do anything, but
they may issue a 'hawkish hold' statement."
A hawkish hold by the Fed would mean maintaining rates at
current levels with the outlook of a hike in the coming months.
The overall consensus among economists is for a move in
December, according to a Reuters poll.
Traders have priced in an 18 percent chance of a rate hike
hours before the Fed statement. The odds rise to about 59
percent for December, according to the CME Group's FedWatch
The central bank raised interest rates for the first time in
nearly a decade last December but weak economic data and global
uncertainty have prevented it from raising the rates further.
At 11:08 a.m. ET (1508 GMT), the Dow Jones Industrial
Average was up 58.55 points, or 0.32 percent, at
The S&P 500 was up 8.06 points, or 0.38 percent, at
The Nasdaq Composite was up 18.58 points, or 0.35
percent, at 5,259.94.
The S&P technology sector provided the biggest
boost to the benchmark index, rising 0.54 percent to its highest
level in more than one week.
Microsoft was the top influence on the S&P and the
Nasdaq, rising 1.2 percent after announcing a $40 billion share
Adobe Systems rose 6.3 percent to $106.77 after
reporting better-than-expected quarterly revenue.
U.S. crude rose 2.29 percent after data showed a
bigger-than-expected draw in inventories. The energy index
surged 1.03 percent and was the top gainer among the 11
major S&P indexes. Chevron rose about 1 percent.
The nascent real estate was the only sector of the
benchmark index that was trading lower.
FedEx rose 6.5 percent to $173.30 after the package
delivery company's quarterly profit rose more than expected.
Advancing issues outnumbered decliners on the NYSE by 2,136
to 720. On the Nasdaq, 1,790 issues rose and 822 fell.
The S&P 500 index showed six new 52-week highs and one new
low, while the Nasdaq recorded 49 new highs and 12 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by