Stock Futures Rise on Fed Anticipation

Futures indicated a higher open for Wall Street Wednesday ahead of the Federal Reserve's announcement on interest rates and monetary policy.

The Federal Open Market Committee releases its statement at 2:15 pm New York time, at the end of two days of meetings. Economists expect the Fed to give a nod to stabilization of the economy. It may also add some weight to its comments about holding rates down, and it may tweak its quantitative easing program.

The dollar hit its lowest level in nearly two weeks against a basket of currencies ahead of the Fed meeting.

A lower dollar boosted mining stocks and in Asia and Europe as metals prices increased. Gold climbed past $930.

Other U.S. economic data due later will shed more light on the health of the U.S. economy. The Commerce Department will release U.S. May durable goods orders at 8:30 am New York time. Economists polled by Reuters expect a fall in orders of 0.6 percent versus a rise of 1.7 percent in April.

U.S. new home sales data for May is out at 10 am New York time and are expected to rise to 360,000 annualized units versus 352,000 in April, a Reuters poll showed. Weekly mortgage applications are expected out at 7 am.

Oil slid below $69 a barrel after data from the American Petroleum Institute's (API) showed a surge in U.S. gasoline stockpiles, signaling weaker-than-expected demand from the world's top energy user.

Let's keep watching we can hold this rise!