Investors await Fed decision

US STOCKS drifted in afternoon trade yesterday, erasing earlier gains, as investors geared up for an interest rate decision from the Federal Reserve.

About 1.25pm, the Nasdaq composite rose 4.28 to 1,311.12. The Dow Jones industrial average gained 1.60 to 8,690.49. The Standard & Poor’s 500 index added 3.08 to 906.88.

Most signs pointed to the Fed leaving interest rates unchanged at a 40-year low of 1.75 percent.