NEW YORK -- U.S. stocks opened calm and steady Wednesday, with an expected interest rate hike already priced into the market and oil futures close to $47 per barrel. The Dow Jones industrial average gained 14.67 or 0.14 percent to 10,401.04 in mid-morning trading. The Nasdaq composite fell 4.54 or 0.22 percent to 2,038.76, and the Standard & Poor's 500 was up a fraction, gaining 0.07 or 0.01 percent to 1,164.15.

The Fed was expected to raise a key bank rate a quarter-point Wednesday, and oil prices appeared soft.

Cisco's reported earnings matched expectations, revenues and gross margins were off, which weakened its share price and the tech-heavy Nasdaq.

The benchmark 10-year Treasury note slipped 4/32 points to 100 2/32 for a 4.24 percent yield.

The dollar traded at 106.89 yen from 105.73 yen, and the euro traded at $1.2902 from $1.2901.

Tokyo's Nikkei 225 closed at 10,994.96 after gaining 30.09 or 0.27 percent.

Copyright 2004 by United Press International