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Wall Street set to rise

NEW YORK: Wall Street was set to open higher on Wednesday on a weaker US dollar as investors awaited the Federal Reserve’s statement on interest rates and the economy.

S&P 500 futures rose 9 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 73 points and Nasdaq 100 futures added 8.75 points. Crude futures rose nearly 1 percent to top $80 a barrel as the dollar retreated from a one-month high against a basket of currencies.

Shares of Comcast Corp rose 2 percent in pre-market trading after it posted quarterly profit that rose 22 percent, beating expectations. Media powerhouse Time Warner Inc’s shares rose 2.3 percent to $30.85 after it posted higher-than-expected quarterly profit and raised its full-year earnings forecast. Walt Disney Co’s breakthrough deal Wednesday to build a theme park in Shanghai marks a major advance for Western media and entertainment groups trying to crack the tough China market.

The S&P 500 and Nasdaq rose slightly on Tuesday after Warren Buffett’s Berkshire Hathaway Inc said it will acquire a major railroad operator, but the Dow edged lower after Intel Corp was downgraded by Morgan Stanley. reuters

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