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Toronto, U.S. markets show modest gains ahead of Fed's afternoon announcement

TORONTO - The Toronto Stock Exchange showed a modest gain Wednesday morning.The S&P/TSX composite index was up 10.1 points at 14,763.15, offsetting a three-point decline on Tuesday.The Dow Jones industrial average was also up, rising 38.2 points to 17,942.68, the Nasdaq index rose 12.68 points to 5,068.23, and the S&P 500 advanced 3.86 points to 2,100.15.The loonie traded at 81.25 cents US, up 0.03 of a U.S. cent from Tuesday's close.On the commodity markets, the July crude contract was up eight cents at US$60.05 a barrel and the August gold contract fell $4.80 to US$1,176.10 an ounce.Later Wednesday, the U.S. Federal Reserve wraps up a two-day meeting. Investors will watch to see if the central bank is moving closer to raising its benchmark interest rate.

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