NEW YORK (CNNMoney.com) -- Stocks jumped out of the gate Thursday as investors await the conclusion of the much-anticipated two-day Fed meeting at 2:15.

The Dow Jones Industrial average (Charts) added about 0.5 percent and the broader Standard & Poor's 500 index (Charts) jumped nearly 0.6 percent.

The Nasdaq composite (Charts) also climbed about 0.6 percent.

A rate hike of at least a quarter percentage point is virtually certain, with some investors speculating there could be a half-point hike. But assuming the Fed goes with the more widely anticipated quarter-point hike, the market reaction will hinge on clues contained in the Fed's statement.

In other economic news, economic growth leapt ahead at an upwardly revised 5.6 percent annual rate in the first quarter, helped by lower imports than and strong corporate profits, the Commerce Department said.

In corporate news, General Mills (Charts) fell after the maker of Cheerios said its fourth-quarter profit fell 52 percent from a year earlier.

Media conglomerate Walt Disney (Charts) named ex-Procter & Gamble CEO and Disney director John Pepper as non-executive chairman, succeeding former Senator George Mitchell, sending shares higher early Thursday.

And the U.S. futures industry regulator charged that a U.S. unit of BP (Charts) tried to manipulate propane prices in the U.S. by cornering the market in February 2004.

Oil prices rose in electronic trading, continuing Wednesday's rally in the face a government report that showed a drop in U.S. fuel supplies.

Treasury prices held steady with the 10-year note at 5.22 percent from Wednesday.

The dollar was higher against the euro and little changed against the yen.

Major markets closed higher in Asia ahead of the Fed decision. European markets were sharply higher in early trading.

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