Stocks edge higher as Apple results boost Dow, tech shares

U.S. stocks rose modestly at the start of trade Wednesday, amid another round of corporate earnings, with Apple Inc.’s better-than-expected results helping put the S&P 500 on track for a fourth straight record close.

On Tuesday, the Dow gained around 0.2% to 26,592.91, while the S&P 500 index gained 2.8 points, or 0.1%, or to close at 2,945.83, well of its Tuesday low at 2,924.21. Meanwhile, the Nasdaq Composite Index fell 54.09 points, or 0.7%, to finish at 8,107.77, but off a low at 8,050.55. Over the past six weeks, Fed officials have emphasized a need for patience, signaling they want to leave rates on hold until they are certain about the economic outlook. Many economists expect the Fed to remain on hold for some time, possibly through the end of 2020, while market participants have wagered on the potential for a rate cut.The Fed is fully expected to remain on hold Wednesday, but Powell’s remarks will be closely watched for clues to policy makers’ thinking.

Molson Coors Brewing Co. TAP, -5.81% fell 4.3%, after the company reported first-quarter earnings that fell short of forecasts. Chip group Qualcomm Inc. QCOM, +2.13% social-gamer Zynga Inc. ZNGA, -0.18% wearables maker FitBit Inc. FIT, -0.47% and mobile payment group Square Inc. SQ, +1.51% will report after the close.

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