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Stocks edge higher as investors watch the Fed

May 22, 2013

NEW YORK (AP) — Stocks are opening slightly higher as investors watch for the latest moves from the Federal Reserve.

The Dow Jones industrial average was up 39 points at 15,424 shortly after the opening bell Wednesday, a gain of 0.2 percent.

The Standard & Poor’s 500 index was up four points at 1,673, or 0.2 percent. The Nasdaq composite was up three at 3,505, or 0.1 percent.

The Federal Reserve releases minutes Wednesday from its most recent policy meeting and Chairman Ben Bernanke goes before Congress to testify about the state of the U.S. economy.

Bristol-Myers Squibb jumped 5 percent, or $2.07, to $46.10 after a Citigroup analyst raised his rating on the drugmaker. The analyst said the company could be a big winner with a group of cancer treatments under development.

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