Stocks Climbed Before Federal Reserve Statement

U.S. stocks climbed on Wednesday, as investors waited for a Federal Reserve statement due at 2 p.m. Eastern Time. The Dow Jones Industrial Average lately climbed 38.62 points, or 0.21% to 18,512.37. The S&P 500 added 0.31 point, or 0.01%, to 2,169.49. The Nasdaq Composite jumped 28.89 points, or 0.57%, to 5,138.94.

Almost nobody expects the Federal Reserve to raise interest rates at this month’s policy meeting. But judging by the standards set by the central bank when it raised interest rates in December—at the time, its first rate increase in 10 years—today’s financial conditions would easily warrant another one, said Alan Ruskin, a macro strategist at Deutsche Bank.

Apple Inc. reported a steep slump in revenue and profit on Tuesday, but the still-better-than-expected results from the iPhone maker. The tech giant said its fiscal third-quarter profit slid 27% to $7.8 billion, or $1.42 a share, while revenue declined 14% to $42.36 billion.

Alphabet Inc. investors will be looking for an improvement in gross margin and search advertising trends when the company reports second-quarter earnings after the market closes on Thursday.