Stock Market News: Apple Jumps, GE Falls as Investors Await Fed
The stock market had a relatively quiet start on Wednesday morning. Investors were largely in a holding pattern as they waited for the Federal Reserve's monetary policy committee to decide whether to cut short-term interest rates. As of 11:30 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 20 points to 27,218. The S&P 500 (SNPINDEX: ^GSPC) rose 3 points to 3,016, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) picked up 25 points to 8,299.
Earnings season is hitting high gear, and corporate giants Apple (NASDAQ: AAPL) and General Electric (NYSE: GE) both reported their latest financial results. The market responded favorably to Apple's news, but GE still has some work to do to persuade investors that its turnaround strategy is likely to work.
Shares of Apple jumped almost 5% as investors weighed the company's fiscal third-quarter results. Despite what might have seemed to be sluggish performance, shareholders reacted favorably to the news.
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