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US stocks rise on strong Apple, Boeing results

New York - US stocks opened higher on Wednesday following strong earnings reports from technology giant Apple and aerospace powerhouse Boeing.

Five minutes into trade, the Dow Jones Industrial Average stood at 17 430.47, up 43.26 points (0.25%).

The broad-based S&P 500 gained 9.95 (0.49%) to 2 039.50, while the tech-rich Nasdaq Composite Index jumped 46.12 (0.99%) to 4 727.61.

Apple bolted 6.4% higher after disclosing that first-quarter profit were a record $18bn on booming sales of big-screen iPhone models, especially in China.

Dow member Boeing followed suit, rising 3.3% after reporting fourth-quarter profit rose 18.9% to $1.5bn on strong commercial aircraft deliveries.

The robust earnings reversed negative momentum from Tuesday, when a stream of disappointing profit reports sent markets sharply lower.

Investors are eyeing the conclusion of a two-day Federal Reserve meeting on Wednesday and the release of a policy statement that will be scrutinised for signals on when the central bank could raise interest rates.

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