The Dow Jones was up 15 points at 11:20 a.m. EST on Thursday as markets and traders cautiously prepare for a policy decision today from the Federal Reserve at 2 p.m. The S&P was flat, while the Nasdaq added a lackluster 9.7 points.
World stocks inched to a three-week high and the dollar drifted lower on Thursday as markets waited to see if the Federal Reserve would raise U.S. interest rates for the first time in almost a decade, or opt to wait a little longer.
The markets opened up more than 100 points in the first hour of trading as investors seem content to wait out the markets this week ahead of the Federal Reserve's September FOMC meeting, where the central bank will decide whether it will hike interest rates for the first time since 2006.
A rise in market expectations for U.S. interest rates as the Federal Reserve starts to normalize policy could cut capital inflows to emerging markets by as much as 45%, World Bank economists said in a paper published on Tuesday.
The euro and yen fell across the board on Tuesday as stronger-than-expected German data and rising European stock prices prompted investors to wind back some of the risk aversion that has recently dominated currency markets.