Policy makers aren't expected to increase the central bank's benchmark interest rate at the conclusion of a two-day meeting Wednesday afternoon, hoping to encourage an economic turnaround with record-low rates. But investors will be looking for the Fed's view of the 3.5 percent growth in the economy during the third quarter and whether such growth will be sustainable. The market would also like more guidance on how the Fed plans to withdraw its stimulus programs without threatening the recovery.

Additionally, investors will be focused on a private group's report on October employment, a precursor to the government's jobs report due Friday. A reading on the service sector from the Institute for Supply Management is also expected.

Both reports will give investors more clues on the battered labor market, one of the economy's biggest hurdles. Growth in the service industry would add a significant number of jobs to the economy. The Labor Department on Friday is expected to report that unemployment rose to 9.9 percent last month from 9.8 percent in September. The rate is expected to surpass 10 percent by early next year. So long as Americans are losing their jobs, or worried about keeping one, it is expected they will continue to curb their spending, which will slow the economy's growth.

Ahead of the market's open, Dow Jones industrial average futures rose 61, or 0.7 percent, to 9,782. The Dow lost 17 points on Tuesday. Standard & Poor's 500 index futures rose 7.00, or 0.7 percent, to 1,048.70, while Nasdaq 100 index futures gained 4.75, or 0.3 percent, to 1,680.25.

Bond prices fell slightly. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.48 percent from 3.47 percent late Tuesday.

The dollar slipped against other major currencies, while gold prices rose.

Overseas, Japan's Nikkei stock average rose 0.4 percent, while Hong Kong's Hang Seng index jumped 1.8 percent. In late morning trading, Britain's FTSE 100 was up 0.8 percent, Germany's DAX index gained 1.4 percent, and France's CAC-40 rose 1.5 percent.