US stock market rises in early trading after big earnings from Apple, Boeing



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U.S. stocks moved higher in early trading Wednesday after very strong earnings from Apple and Boeing. The Federal Reserve is on deck, delivering its latest statement on monetary policy later in the day.

KEEPING SCORE: The Dow Jones industrial average gained 70 points, or 0.4 percent, to 17,459 as of 10 a.m. Eastern. The Standard & Poor's 500 added nine points, or 0.5 percent, to 2,039. The Nasdaq composite rose 42 points, or 0.9 percent, to 4,724. The indexes are rebounding after closing sharply lower on Tuesday.

IPHONE FEVER: Shares in Apple surged $8.10, or 7.4 percent, to $117.20 after the tech giant reported record-smashing earnings for its latest quarter. Apple said late Tuesday that it sold 74.5 million iPhones during the three months that ended Dec. 31, beating Wall Street expectations for the latest models of Apple's most popular gadget, introduced in September.

JETSETTER: Boeing's profit vaulted 19 percent in the fourth-quarter on strong demand for commercial jets airliners. The results topped Wall Street expectations by a wide margin. The stock added $5.32, or 4 percent, to $137.80.

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 be 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.

SECTOR WATCH: Nine of the 10 sectors in the S&P 500 rose, led by technology stocks. The sector is coming off a steep decline on Tuesday. Energy stocks dropped the most. Video game publisher Electronic Arts notched the biggest gain, adding $4.59, or 9.5 percent, to $53.

MARKETS OVERSEAS: European markets were mixed as investors monitored developments in Greece, where the new government said it would change many of the budget measures promised to eurozone creditor nations in exchange for rescue loans. Germany's DAX rose 0.6 percent, while France's CAC 40 shed 0.3 percent. Britain's FTSE 100 lost 0.6 percent.

ASIA'S DAY: The Shanghai Composite Index tumbled 1.4 percent. Tokyo's Nikkei 225 rose 0.2 percent, while Hong Kong's Hang Seng rose 0.2 percent. Seoul's Kospi gained 0.5 percent. Markets in Sydney, New Zealand and Bangkok also rose. Benchmarks in Taiwan, India and Singapore declined.

ENERGY: Benchmark U.S. crude fell $1.35 to $44.92 in New York. The U.S. releases its inventory report Wednesday. The contract added $1.08 on Tuesday to close at $46.23.

CURRENCY: The dollar edged up to 117.85 yen from Tuesday's 117.80 yen. The euro edged down to $1.1313 from the previous session's $1.1362.

BONDS: U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 1.80 percent.


AP Business Writer Joe McDonald in Beijing contributed to this story.

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