US STOCKS-Market higher before Fed's rate decision

(Updates to afternoon)

NEW YORK, April 30 (Reuters) - U.S. stocks were broadly higher on Wednesday shortly before the release of the Federal Reserve's latest decision on interest rates.

The advance was due to stronger-than-expected quarterly results from blue-chip companies General Motors Corp (GM.N: Quote, Profile, Research) and Procter & Gamble (PG.N: Quote, Profile, Research) as well as economic data that eased recession fears.

The Fed is widely expected to lower its benchmark fed funds rate by a quarter-percentage point to 2 percent. In the Fed's accompanying announcement, investors will look for any hint the U.S. central bank, after a series of rate cuts, may be planning to hold rates steady while it fights inflation.

The Dow Jones industrial average .DJI was up 120.17 points, or 0.94 percent, at 12,952.11. The Standard & Poor's 500 Index .SPX was up 6.94 points, or 0.50 percent, at 1,397.88. The Nasdaq Composite Index .IXIC was up 15.32 points, or 0.63 percent, at 2,441.42. (Reporting by Jennifer Coogan; Editing by Kenneth Barry)