US STOCKS-Energy rally boosts Wall St despite global growth woes

martes 16 de diciembre de 2014 13:23 GYT

* Buyback, dividend hike, guidance lift Boeing, 3M, CVS

* Indexes up: Dow 0.9 pct, S&P 0.8 pct, Nasdaq 0.4 pct (Updates to midday)

By Rodrigo Campos

NEW YORK, Dec 16 (Reuters) - U.S. stocks rose in a volatile Tuesday session as energy shares rallied and investors bet 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, down 21 percent for the session. The Russian currency sharply pared its losses and was down about 3 percent, near 68 per dollar.

Market participants cited bets on the Federal Reserve's next move as giving stocks support. Fed officials will decide this week whether to make a critical change to their policy statement that would widen the door for interest rate hikes next year. In October, The Fed repeated that benchmark rates were unlikely to rise 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 12:08 p.m. EST (1708 GMT) the Dow Jones industrial average rose 156.37 points, or 0.91 percent, to 17,337.21, the S&P 500 gained 16.42 points, or 0.83 percent, to 2,006.05 and the Nasdaq Composite added 19.09 points, or 0.41 percent, to 4,624.24.   Continuación...