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U.S. stocks tick up ahead of Fed statement

Xinhua, October 29, 2015 Adjust font size:

U.S. stocks traded higher in the morning session Wednesday, as Wall Street was digesting quarterly earnings reports ahead of U.S. Federal Reserve's meeting announcement.

By midday, the Dow Jones Industrial Average added 120.82 points, or 0.69 percent, to 17,702.25. The S&P 500 increased 15.91 points, or 0.77 percent, to 2,081.80. The Nasdaq Composite Index was up 36.47 points, or 0.73 percent, to 5,066.62.

The Fed wraps up its two-day meeting Wednesday with a statement this afternoon. Fed Chair Janet Yellen isn't scheduled to hold a press conference following the meeting.

While the central bank is largely expected to keep interest rates unchanged at the meeting, traders will digest the statement for some clues on when it will pull the trigger.

Some analysts said that the Fed will start its first interest rate hike in almost nine years in December if the American economy does not slow significantly.

In corporate news, shares of Apple jumped over 2 percent around midday Wednesday, after the tech giant posted quarterly earnings and revenue that beat investors' expectations Tuesday after the closing bell.

Apple announced the third-quarter 2015 revenues of 51.5 billion U.S. dollars and net profit of 11.1 billion dollars, or 1.96 dollars per diluted share. Its financial results mainly boosted by strong iPhone growth in China.

Shares of Twitter Inc. dived over 6 percent around midday Wednesday after the social networking company posted a lower-than-forecast revenue outlook late Tuesday. Endit