US stocks edge higher in afternoon trading; Apple up sharply
Source: AP-Excite
By ALEX VEIGA
U.S. stocks drifted higher in afternoon trading Wednesday, regaining some lost ground earlier in the day. Strong earnings from Apple, Boeing and other companies helped lift the market ahead of a mid-afternoon monetary policy update by the Federal Reserve.
KEEPING SCORE: The Dow Jones industrial average rose 40 points, or 0.2 percent, to 17,427 as of 1:14 p.m. Eastern. The Standard & Poor's 500 gained one point, or 0.1 percent, to 2,030. The Nasdaq composite added 21 points, or 0.5 percent, to 4,702. The indexes are rebounding after closing sharply lower on Tuesday.
FED WATCH: The Fed ends its first policy meeting of the year Wednesday afternoon, after which it is widely expected to repeat its pledge to stay patient in raising interest rates from record lows. Inflation has fallen further below the Fed's target rate, thanks to plunging oil prices and a surging dollar that makes imports cheaper. That could prompt the Fed to delay any rate increases beyond June, the earliest that most economists predict the Fed will raise rates.
THE QUOTE: Investors also want to know whether the Fed's statement will include any reference to heightened concerns about global growth, said Quincy Krosby, market strategist for Prudential Financial.
FULL story at link.
Traders Sal Suarino, Timothy Nick and Andrew Silverman, left to right, work on the floor of the New York Stock Exchange Wednesday, Jan. 28, 2015. U.S. stocks moved higher in early trading Wednesday after very strong earnings from Apple and Boeing. (AP Photo/Richard Drew)
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