Apple on Tuesday posted earnings per share and revenue for the previous quarter that topped analyst expectations, sending the stock up nearly 5% Wednesday. Apple also issued better than expected revenue guidance for the fourth quarter.

Nearly 60% of S&P 500 companies have reported earnings so far. Of those companies, 76% have posted stronger-than-forecast quarterly profits.

The Dow traded 50 points higher. The S&P 500 traded flat, while the Nasdaq climbed 0.2%.

The Fed is set to deliver its latest decision on monetary policy at 2 p.m. ET. Chair Jerome Powell is also scheduled to hold a news conference at 2:30 p.m. ET. Investors were pricing in a 25 basis-point rate cut coming into the meeting. If the Fed cuts rates, it would be its first since the financial crisis more than 10 years ago.

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