NEW YORK (AP) — The latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are opening higher on Wall Street and oil prices are climbing back after a huge drop the day before.

Trading was relatively subdued early Wednesday ahead of an interest rate policy announcement by the Federal Reserve. The Fed is expected to raise its benchmark interest rate by a quarter percentage point.

General Mills jumped 7.1 percent after the cereal maker reported strong quarterly results.

The U.S.-listed shares of drugmaker GlaxoSmithKline rose 3.9 percent after announcing a deal to combine its consumer products business with Pfizer’s.

The S&P 500 index rose 6 points, or 0.2 percent, to 2,552.

The Dow Jones Industrial Average rose 62 points, or 0.3 percent, to 23,739. The Nasdaq composite added 22 points, or 0.3 percent, to 6,806.