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US open: Stocks up ahead of rate decision

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Date: Wednesday 30 Apr 2008

LONDON (ShareCast) - US stocks have moved ahead in early deals as investors wait eagerly for the Fed’s interest rate decision later in the afternoon.

The central bank is expected to cut rates by a quarter point to 2% but many will keep an eye out for the Fed's statement, which will give guidance on future rate decisions.

Meanwhile, the Commerce Department said gross domestic product grew better-than-expected at 0.6% in the first quarter, the same as the last quarter of 2007. The Chicago purchasing managers' index came in at 48.2 in April, instead of the expected 48.2.

Across the markets, the Dow Jones is up 47 points to 12,879 with the Nasdaq 7 points higher at 2433. The S&P 500 is up 3 points.

In corporate news, General Motors reported a loss of $3.3bn in the first quarter but excluding special items the loss was less than expected.

Software maker SAP AG said its profit slipped in the first quarter but sales were higher, while media firm Time Warner reported lower quarterly earnings that missed estimates.

Consumer products maker Procter & Gamble reported higher quarterly earnings.