Dow jumps 285 points at open ahead of Fed decision; Boeing's stock bolsters blue chips
U.S. stocks opened sharply higher Wednesday as earnings from Apple and Boeing, among others, helped to bolster investment sentiment on Wall Street. Investors awaited fresh developments in U.S.-China trade talks and guidance from the Federal Reserve, which was set to release its policy update at 2 p.m. Eastern Time, with a news conference by Fed Chairman Jerome Powell at 2:30 p.m. The Dow Jones Industrial Average climbed 285 points, or 1.1%, at 24,866, with the lion's share of that updraft coming from Boeing Co. , which offered upbeat guidance and produced quarterly results that far surpassed analysts' expectations. Fourth-quarter results that weren't as bad as feared from Dow-component Apple Inc. also helped to lift the other two main equity benchmarks. The S&P 500 index gained 0.7% at 2,657, while the Nasdaq Composite Index advanced 1.1% at 7,100. In economic data, the private sector added 213,000 jobs in January, according to a report from payroll firm ADP. That's above the consensus estimate of 178,000 new jobs, according to FactSet data. Elsewhere on corporate results, shares of McDonald's Corp. were in focus after the fast-food giant beat fourth-quarter earnings expectations, but fell short of revenue forecasts. Later today, Facebook Inc. is set to release its quarterly results, after the close of regular trade.