U.S. stocks rise as investors await inflation data and the Fed's rate decision

By Liz Moyer

Investing.com -- Stocks were trading higher as investors await inflation data and the Federal Reserve's next decision on interest rates later this week.

At 10:27 ET (15:27 GMT), the Dow Jones Industrial Average was up 183 points or 0.6%, while the S&P 500 was up 0.3%, and the NASDAQ Composite was up 0.2%.

Tomorrow, the consumer price index for November is expected to show prices rose 7.3% from the same time last year, slower than the 7.7% rise in October. Core prices, which exclude fuel and energy, are expected to be 6.1%, down from 6.3% in October.

The readings come after November's better than expected producer prices, which also showed a moderation from recent months.

The Fed starts its last meeting of the year on Tuesday and will issue its decision on rates on Wednesday. Most expect it will raise its benchmark rate by a half percentage point.

The Fed wants to lead the economy out of the high-inflation environment without sparking a recession. Treasury Secretary Janet Yellen told 60 Minutes on Sunday that while there is a risk of recession, she sees much lower inflation by the end of next year.

Shares of the biotech company Horizon Therapeutics PLC (NASDAQ:HZNP) rose 14.6% after Amgen Inc. (NASDAQ:AMGN) offered to buy it for more than $27 billion. Microsoft Corporation (NASDAQ:MSFT) stock rose 2.3% after it announced a $2B stake in London Stock Exchange Group PLC (LON:LSEG).

Oil rose. Crude Oil WTI Futures was up 3.5% to $73.53 a barrel, while Brent Oil Futures crude rose 2.7% to $78.17 a barrel. Gold Futures was down 0.7% to $1798.