US STOCKS-Wall St pares gains as oil slumps ahead of Fed decision
* Fed announcement expected at 2 p.m. ET (1900 GMT)
* Yellen speaks half an hour later
* Traders see a more than 80 pct chance of hike on Wednesday
* Indexes up: Dow 0.09 pct, S&P 0.23 pct, Nasdaq 0.21 pct (Changes comment, updates prices)
By Tanya Agrawal
Dec 16 (Reuters) - Wall Street pared gains as oil prices tumbled on Wednesday and ahead of a widely expected interest rate hike by the Federal Reserve later in the day.
Energy and material stocks were down as crude oil prices fell on fresh evidence of growing global oversupply.
The Fed will announce the outcome of its policy meeting at 2 p.m. ET (1900 GMT), followed by a press conference by Chair Janet Yellen at 2:30 p.m. ET.
An increase in the Fed's benchmark rate from near zero would be the first since June 29, 2006. After more than a year of posturing and a couple of false starts, the U.S. central bank is seen raising rates by a token 25 basis points. Continuación...