Stocks rise modestly as Fed begins meeting

NEW YORK (AP) — Stocks are rising in early trading on Wall Street after several U.S. companies turned in solid earnings.

The Dow Jones industrial average rose 49 points, or 0.3 percent, to 15,569.

The Standard & Poor’s 500 index was up four points, or 0.3 percent, to 1,689. The Nasdaq composite rose 12 points, or 0.3 percent, to 3,610.

Investors were keeping a close eye on the Federal Reserve. The central bank began a two-day policy meeting Tuesday.

Goodyear Tire & Rubber jumped 12 percent to $19.06, the biggest gain in the S&P 500, after reporting that its second-quarter earnings more than doubled. Sales in Latin America rose sharply.

Drugmaker Pfizer rose 1 percent to $29.94 after reporting that its income more than quadrupled, helped by the sale of its animal health business.

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