Afternoon Markets: Dow up ahead of Fed's rate decision

The Dow Jones is seeing upward movement as investors await the Fed's interest rate decision due later today.

In early trading the index is up 1.29% (119.03 points) at 9,360.48, with investors expecting the Fed to issue a positive outlook and guidance on monetary policy while maintaining rates at 0.25%. Banking stocks are back in the black after this week’s two day sell-off. Bank of New York (BNY) Mellon has climbed 3.5% to $29.04 on news of its £235m acquisition of Insight Investment, while JPMorgan Chase and Goldman Sachs are up 2.01% at $42.07 and 2.78% at $163.65 respectively. Meanwhile, the FTSE 100 shrugged off this morning’s losses after banks reacted well to the Bank of England’s quar...