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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.