US futures climb with Fed meeting to chart course

NEW YORK (AP) -- U.S. stock futures are heading higher as the Federal Reserve meets to chart a course for the economy, with Europe reeling and a recovery in the U.S. painfully slow.

Dow Jones industrial average futures are up 33 points to 12,719. Standard & Poor's 500 futures are rising 3.6 points to 1,344.50 and Nasdaq futures have added 12 points to 2,599.50.

Economists believe that even if the Fed does not act, it will send a clear message that it is standing by to do so if needed.

The Fed's two-day meeting begins at a time of growing urgency in Europe with Greece locked in power-sharing talks. Europe's next potential trouble spot, Spain, saw borrowing rates spike again Tuesday.

In the U.S., FedEx is predicting slower earnings growth this year.

(Copyright 2012 by The Associated Press. All Rights Reserved.)