Markets Right Now: Stocks opening slightly higher Wednesday

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

9:40 a.m.

Stocks are opening slightly higher Wednesday, with investors focused on the approval of AT&T's takeover of Time Warner as well as the Fed statement due in the afternoon.

AT&T fell 4.2 percent and Time Warner gained 3.7 after a judge cleared the way for the $85 billion takeover of Time Warner. The ruling also brought deals involving Comcast, Twenty-First Century Fox and Disney into investors' sights.

With the Fed expected to announce a slight rate increase, attention will focus more on how many additional rate hikes the central bank may do this year.

The S&P 500 index rose 1 point, or less than 0.1 percent, to 2,787.

The Dow Jones industrials climbed 33 points, or 0.1 percent, to 25,354. The Nasdaq composite added 11 points, or 0.2 percent, to 7,714.