US STOCKS-Wall St up as Fed bets, company news offset economic woes
* Indexes up: Dow 0.9 pct, S&P 0.8 pct, Nasdaq 0.3 pct (Updates to morning trading)
By Rodrigo Campos
NEW YORK Dec 16 (Reuters) - U.S. stocks rose in a volatile Tuesday session as energy shares rallied, and on bets the Federal Reserve will be cautious in removing support in the face of a more fragile global economy.
Futures had crumbled in early trading as the ruble neared 80 per U.S. dollar. The Russian currency was recently down about 11 percent on the session, near 73 per dollar. Adding to global concerns, data showed factory activity shrinking in China and euro zone business growth remaining weak.
However, market participants cited bets on the Federal Reserve's next move in response to a more fragile global economic picture as giving stocks support. The Fed is expected to review whether it will maintain that it expects benchmark rates to remain near zero for a "considerable time."
"Perhaps markets think the Fed will not be as on-schedule on taking out that language," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.
She said the market is betting the Fed will give consideration to rapidly changing financial conditions. A Fed statement and news conference are expected on Wednesday.
At 11:22 a.m. EST (1622 GMT) the Dow Jones industrial average rose 146.74 points, or 0.85 percent, to 17,327.58, the S&P 500 gained 16.1 points, or 0.81 percent, to 2,005.73 and the Nasdaq Composite added 14.69 points, or 0.32 percent, to 4,619.85. Continuación...