US STOCKS-Wall St set to rise on weak USD ahead of Fed statement
* U.S. firms cut jobs in Oct at slowest pace in more than yr-ADP
* FOMC statement on rates and economy due
* U.S. dollar falls against basket of currencies
* For up-to-the-minute market news, click [STXNEWS/US]
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NEW YORK, Nov 4 (Reuters) - Wall Street was set to open higher on Wednesday on a weaker U.S. dollar as investors awaited the Federal Reserve's statement on interest rates and the economy.
Crude futures CLc1 rose nearly 1 percent to top $80 a barrel as the dollar retreated from a one-month high against a basket of currencies .DXY.
"The dollar is falling, and lately that means that the U.S. equity market will rise," said Michael Pento, senior market strategist at Delta Global Advisors in Boston.
Pento said part of the dollar's weakness is due to expectations the Fed will say inflation risks are contained but there are still risks to the economy, and it will keep interest rates near zero.
The Federal Open Market Committee statement is due at about 2:15 p.m. EST (1915 GMT). For related news see [ID:nFEDAHEAD]
S&P 500 futures SPc1 rose 9 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 DJc1 gained 73 points and Nasdaq 100 futures NDc1 added 8.75 points.
Shares of Comcast Corp (CMCSA.O) rose 2 percent in premarket trading after it posted quarterly profit that rose 22 percent, beating expectations. [ID:nN04541978]
Media powerhouse Time Warner Inc's (TWX.N) shares rose 2.3 percent to $30.85 after it posted higher-than-expected quarterly profit and raised its full-year earnings forecast. [ID:nN04537764]
Walt Disney Co's (DIS.N) breakthrough deal Wednesday to build a theme park in Shanghai marks a major advance for Western media and entertainment groups trying to crack the tough China market. [ID:nN03523281]
In other economic news, U.S. companies reduced jobs in October at the slowest pace in more than a year, suggesting stabilization in the labor market as the economy emerges from recession. [ID:nN04545735] Continued...
