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US futures rise as Fed wraps up 2-day meeting

FILE- In this Monday, June 18, 2012, file photo, specialist Meric Greenbaum, center, works at his post on the floor of the New York Stock Exchange. Europe's stock markets rose Wednesday June 20, 2012 amid hopes that the Federal Reserve would announce measures to stimulate the U.S. economy. (AP Photo/Richard Drew, File)

NEW YORK (AP) -- Stock futures rose Wednesday as the Federal Reserve wraps up its two-day meeting.

The Fed will release a statement at 12:30 p.m. Eastern time. There is a broad anticipation that economic policymakers will either extend a program of buying long-term bonds to keep rates low, or at least signal a readiness to act should the economy sputter.

Dow Jones industrial average futures are up 23 points to 12,785. Standard & Poor's 500 futures are rising 2.7 points to 1,353.30 and Nasdaq futures have added 8.75 points to 2,621.25.

The potential of a boost from the Fed overshadowed news from Procter & Gamble, which cut its fourth-quarter earnings and revenue forecasts Wednesday.

Some of the same weakness that is being battled by the Fed has forced the consumer products company to reign in recent price increases as people cut back on spending.

P&G said CEO Bob McDonald spoke at the Deutsche Bank Global Consumer conference in Paris. It was the second time in three months that the company has lowered its outlook with sales slowing in developed markets.

Next week, new figures on personal income and consumer sentiment will be released and the reports could signal a retrenchment by the consumer.

Consumer spending accounts for about 70 percent of all economic activity in the U.S. and with few companies hiring, one of the country's biggest engines for recovery may be weakening.

In premarket trading, shares of Procter & Gamble Co. fell $1.06, or 1.7 percent, to $61.15 per share after trading as low as $60.35 earlier.