Futures rising as Fed gathers in Washington

NEW YORK (AP) — U.S. stock futures rose for the second time in as many days as the Federal Reserve opens its two-day policy meeting in Washington.

The government also reported Tuesday that the pace of construction increased again in May as builders tried to keep up with growing demand for houses.

Dow Jones industrial futures rose 32 points to 15,153. The broader S&P futures tacked on 3.4 points to 1,637.10. Nasdaq futures gained 10.25 points to 2,975.

Housing starts increased 6.8 percent last month to a seasonally adjusted annual rate of 914,000 following a sharp decline in April. But new construction remains below the million-home pace of March, the highest level in five years.

Shares of the nation’s biggest homebuilders rose before the market opened.

The Labor Department also reported Tuesday that inflation has been held in check. Rising energy costs were partly offset by cheaper food, and the consumer price index ticked up a seasonally adjusted 0.1 percent last month.

It was just the second increase in seven months.

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