Wall Street rises on upbeat earnings as Fed looms

REUTERS: U.S. stocks rose on Wednesday as a slew of positive earnings updates and hopes for assurances of continued support from the Federal Reserve overshadowed concerns about next steps for the government's coronavirus support plan.

Recent data pointed to a possible slowdown in business and hiring as several U.S. states reimposed restrictions after a spike in COVID-19 infections, while deaths in the country caused by the disease surpassed 150,000 on Wednesday.Investors will keep a close watch on how the U.S. central bank addresses these economic risks at the end of a two-day policy meeting. The Fed's statement is expected at 2 p.m. ET , which will be followed by Chair Jerome Powell's press conference.

"The longer takes, the more likely there will be a lapse in unemployment benefits and it will be an unnecessary source of uncertainty for the market and economy," Reinhart added. Boeing Co slipped 3.3per cent as it slashed production on its widebody programs and reported a bigger-than-expected loss due to the fallout from the pandemic.

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