US stocks rose today before the Federal Reserve's interest-rate decision this afternoon and on expectations companies such as Cisco Systems will report strong earnings.
The Dow Jones Industrial Average was up 59.55 points, or 0.57 per cent, at 10,596.40. The Standard & Poor's 500 Index was up 6.21 points, or 0.51 per cent, at 1,229.34. The technology-laced Nasdaq Composite Index was up 8.61 points, or 0.40 per cent, at 2,173.00.
Shares of Cisco, maker of equipment for Internet traffic, rose 1.2 per cent to $19.48. The company is likely to report an increase of 16 per cent in quarterly profit, according to analysts' estimates. Disney's shares advanced 1.4 per cent to $25.77.
Top gainers included Irish drug maker Elan and its US partner, Biogen Idec. Biogen said today a safety study of multiple sclerosis drug Tysabri had resulted in no new confirmed cases of progressive multifocal leukoencephalopathy.
Elan's shares traded in the US surged 16 per cent to $9.28 and Biogen shares gained 5.5 per cent to $40.55.
Before the market opened, a government report on labour costs tempered inflation concerns. The Labor Department said unit labour costs - a key inflation and profit pressure gauge - rose at a mild 1.3 per cent pace in the second quarter.
Oil crept down from its record high of $64.27 a barrel but remained well above the $63 mark. US crude oil for September delivery fell 29 cents to $63.65 a barrel.