U.S. stocks trade mixed amid earnings, Fed meeting

U.S. stocks pared early gains to trade mixed around midday Wednesday, as investors digested Apple's earnings report while awaiting the Federal Reserve's decision on rate hikes.

By noon, the Dow Jones Industrial Average edged up 3.05 points, or 0.02 percent, to 19,867.14. The S&P 500 fell 3.83 points, or 0.17 percent, to 2,275.04. The Nasdaq Composite Index was up 12.87 points, or 0.23 percent, to 5,627.65.

After Tuesday's closing bell, Apple announced financial results for its fiscal 2017 first quarter ending Dec. 31, 2016. The tech giant posted all-time record quarterly revenue of 78.4 billion U.S. dollars and all-time record quarterly earnings per diluted share of 3.36 dollars.

The company's shares jumped over 5 percent around midday Wednesday following the release of its better-than-expected quarterly results.

The Fed was also in the spotlight, which is scheduled to release its latest policy decision after the conclusion of its two-day meeting Wednesday afternoon. Analysts widely hold that the Fed won't hike rates at this meeting, but will still be watched closely for more clues on the timing of the next rate increase.

At its December meeting, the U.S. central bank raised the benchmark interest rate by 25 basis points, the first and only time in 2016, and indicated a faster rate hike pace in 2017.

On the economic front, U.S. private sector employment increased by 246,000 jobs from December 2016 to January 2017, well above the market consensus of 168,000, said the January ADP National Employment Report Wednesday.

On Tuesday, U.S. stocks closed mixed as Wall Street digested a batch of generally negative quarterly results from notable companies. Enditem