US stocks trade higher with all eyes on FOMC decision

   •  Dow & S&P gain positive traction for the fifth straight session.
   •  Disappointing core CPI print does little to dent bullish sentiment. 
   •  Investors keenly awaited the FOMC decision and updated economic projections.
 
Major US equity indices traded with modest gains during the opening hour of trade on Wednesday, with both the Dow and the S&P 500 holding in positive territory for the fifth consecutive day. 

The market action, however, is likely to remain subdued as investors assessed the Democratic win in the Alabama Senate election and also waited for the highly anticipated FOMC decision, where the central bank is widely expected to raise interest rates for the third time this year. 

The monetary policy meeting also marks the last for current Fed Chair Janet Yellen, who will address the post-meeting press conference and might also provide hints over the central bank's policy outlook for 2018.

On the economic data front, the headline CPI climbed 0.4% m-o-m in November, albeit was largely negated by disappointment in core inflation figures (excluding food and energy), coming in to show a smaller than expected rise of 0.1%. 

At press time, the Dow Jones Industrial Average advanced over 50-points to 24,556, while the broader S&P 500 Index added nearly 5-points to 2,668. Meanwhile, tech-heavy Nasdaq Composite Index also followed suit and climbed around 25-points to 6,887.