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NEW YORK (CNNMoney)
U.S. stock futures were pushing higher, with the S&P 500 indicating it would rise by roughly 0.2% when the opening bell rings.
Investors around the world were feeling more upbeat Wednesday after Turkey's central bank increased rates by much more than expected, following a sweeping sell-off in emerging markets. India's central bank also surprised investors Tuesday by raising a key interest rate to 8%.
The main European markets were rallying by roughly 1% in morning trading, while Asian markets closed with broad-based gains.
Related: Fear & Greed Index
The Turkish lira, as well as other emerging market currencies like Argentina's peso and India's rupee, have slid in recent months amid expectations that the Federal Reserve will continue to reduce the pace of its monetary stimulus, which has supported the flow of cash into developing economies.
Related: Is this an emerging markets crisis or not?
The Federal Reserve will announce its latest policy moves at 2:00 p.m. ET. It is widely expected to announce that it will pull back its bond-buying program, which has helped stimulate growth and liquidity in the U.S. economy, by $10 billion to $65 billion per month.
Earnings will also be top-of-mind for investors Wednesday. Firms including Boeing (BA, Fortune 500), Dow Chemical (DOW, Fortune 500)and Jetblue (JBLU, Fortune 500) are set to report quarterly results before the opening bell. Facebook (FB, Fortune 500) and Qualcomm (QCOM, Fortune 500) are up in the afternoon.
Related: CNNMoney's Tech30
U.S. stocks finished higher Tuesday, with the Dow Jones industrial average snapping a five day losing streak.
Yahoo (YHOO, Fortune 500) shares sank in after-hours trading Tuesday following weak quarterly earnings and sales results. 
First Published: January 29, 2014: 5:25 AM ET
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