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NEW YORK (CNNMoney)
The Federal Reserve's policy committee will start a two-day meeting today. And this one is particularly significant. The central bank could announce Wednesday that it will finally slow the pace of its $85 billion in monthly purchases of Treasury bonds and mortgage-backed securities.
The Fed has said that it will begin to "taper" its quantitative easing program sometime this year, and the beginning of 2014 is drawing near. Investors had been concerned earlier this summer about the impact that scaling back this massive program will have on stocks and bond yields.
But investors appear to be shrugging off those worried for now. The Dow Jones industrial average, the S&P 500 and Nasdaq all rose slightly in early morning trading.
Related: The taper is coming. Get over it
What's moving: Shares of Microsoft (MSFT, Fortune 500) rose after the company boosted its dividend by 22% and announced a $40 billion share buyback plan.
Airline stocks rose after JPMorgan upgraded Delta (DAL, Fortune 500) and U.S. Airways (LCC, Fortune 500) to overweight from neutral. Shares of Southwest (LUV, Fortune 500), Jetblue (JBLU) and Alaska (ALK) were also rising on the upgrade.
Shares of JPMorgan Chase (JPM, Fortune 500)were higher following reports that the bank is set to pay at least $700 million in fines in connection with the "London Whale" trading debacle.
Related: Fear & Greed Index still in neutral
On the economic front, the Consumer Price Index rose just 0.1% in August, a sign that inflation remains tame.
All major European markets were weaker in afternoon trading, in part in response to a fall in European monthly car sales in August. Shares in Fiat (FIADF) and Volkswagen (VLKAF) were down by roughly 1%.
Asian markets were mostly heading lower Tuesday, with the Shanghai Composite index leading the way with a 2% drop.
First Published: September 17, 2013: 9:40 AM ET
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