Stock futures pointed to a higher open on Wednesday with the Federal Reserve expected to say it will not raise interest rates for some time.

At the end of its two-day meeting, the Fed is widely expected by economists to leave the benchmark federal funds rate at almost zero and soothe concerns it could hike rates as the economy shows signs of stabilizing.

Investors will watch for any economic outlook from the central bank and changes in its $300 billion program of Treasury purchases, though the Fed is not expected to ramp up asset purchases.

A statement is due at 2:15 p.m. EDT.

Before the Fed's statement, investors will take in reports on durable goods orders and new home sales, both for May.

S&P 500 futures rose 4.30 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures climbed 38 points, and Nasdaq 100 futures added 4 points.

On Tuesday, the S&P 500 rose as investors hunted for bargains, but another delay in Boeing's 787 Dreamliner project kept the Dow under water.

The broad S&P is up about 32 percent from a 12-1/2-year low in early March, though it had been up as much as 40 percent.

The Organization for Economic Cooperation and Development said the economic outlook has improved for the first time in two years. Soaring unemployment and ballooning budget deficits could knock a weak recovery off track, it said, referring to its 30 member countries.

Oracle Corp rose after the closing bell on Tuesday after the software maker reported profit and sales that beat estimates. The stock closed at $19.87 on Nasdaq.

(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)