New York, Apr 30 (IANS): US stocks opened higher on Wednesday as investors awaited a key decision on interest rate from the Federal Reserve.

Shortly after the opening bell, the Dow Jones Industrial Average jumped 387.69 points, or 1.61 per cent, to 24,489.24. The S&P 500 advanced 52.28 points, or 1.83 per cent, to 2,915.67. The Nasdaq Composite Index increased 166.86 points, or 1.94 per cent, to 8,774.59, Xinhua reported.

The market movement came despite grim US gross domestic product (GDP) data.

US economic activity in the first quarter contracted at an annual rate of 4.8 per cent amid the COVID-19 impact, the biggest decline since the Great Recession, the US Commerce Department reported on Wednesday.

The decline in first quarter real GDP was, in part, due to the response to the spread of COVID-19, as governments issued "stay-at-home" orders in March, according to the "advance" estimate released by the department's Bureau of Economic Analysis.

Wall Street was awaiting the Fed's monetary policy decision which is scheduled to be announced on Wednesday afternoon.