Wall Street trades in positive ahead FOMC [E]

Predictably, Wall Street opened Thursday in positive area. However, 
activity is limited because of expectations of FOMC meeting results. Obviously Fed will hike the rate to 5.25%. Moreover, the futures point to 83% probability of rate increase in August. Analysts believe stocks indexes may extend gains if accompanying statement of Federal Reserve will be the same as previous despite 
the rate increase. 
"Investors hope that tone of the Central Bank will be not so hawkish and 
decrease the concerns of rate hike acceleration or 50 
b.p. lift", said Anthony Chan, chief economist in JPMorgan Private Client 
Services.  I think, market has already priced the worst".
Oil prices gained in the beginning of trade extending Wednesday’s rally based on weak report of U.S. fuel inventories. August futures rose 34 cents to $72.53 per barrel.
Before the open Department of Commerce published final estimations 
of U.S. GDP growth in Q1. According to statistics, the pace of economic growth came 5.6%, higher than preliminary estimations 5.3%. However, it coincides with analysts' forecasts.
Corporate news: Standard Poor's rating agency cut the credit rating of 
Ford Motor to “junk bond”. However, Chairman and CEO Bill Ford in interview for Wall Street Journal rejected the fears about possible bankruptcy.