Stock market rises at midday after strong earnings from Apple; investors await Fed statement

The U.S. stock market is rising slightly at midday as investors wait for the Federal Reserve's latest policy statement.

The Dow Jones industrial average rose 55 points, or 0.3 percent, to 17,442 as of 12:02 p.m. Eastern time Wednesday. The Standard & Poor's 500 rose two points, or 0.1 percent, to 2,031. The Nasdaq gained 17 points, or 0.4 percent, to 4,699.

The Fed statement, due later Wednesday, is widely expected to repeat the pledge that the central bank will be "patient" in raising interest rates. Low rates are a key driver of the nearly six-year bull market for stocks.

Apple jumped 7 percent after reporting record iPhone sales and earnings in its latest quarter. Boeing rose 6 percent after commercial-jet demand boosted its latest quarterly profit.