Equities Move Back Up

U.S. stocks reversed initial losses to hold mostly higher Wednesday ahead of the afternoon Federal Reserve statement release, as gains in oil offset pressure from some disappointing quarterly reports.

The Dow Jones industrial average recouped a 179-point decline to trade higher 49.89 to 16,217.12, with Goldman Sachs contributing the most to gains

The S&P 500 recovered 9.48 points to 1,913.11.

The NASDAQ index lost 7.51 points to 4,560.16, as Apple weighed. Biogen jumped more than 9.5% in midday trade after the firm posted earnings that beat on both the top and bottom line, driven by higher demand for a key drug.

Earlier, the Dow fell more than 150 points as both Apple and Boeing declined sharply. The two stocks were the greatest weights on the Dow, accounting for about 90 points off the index,

Boeing pared losses to trade less than 7% lower. The stock initially fell more than 9.5% after the firm gave full-year guidance below expectations, although the jet maker reported earnings that beat on both the top and bottom line.

Shares of Apple also trimmed losses but held more than 4% lower after the iPhone maker reported fewer-than-expected unit sales of its flagship product, for the lowest growth in shipments since the iPhone was launched in 2007. Apple also forecast its first revenue drop in 13 years, citing some softness in the critical Chinese market

U.S. crude oil futures jumped more than 3.5%, after the Energy Information Administration reported a build of 8.4 million barrels, more than the prior week's four-million-barrel rise but less than an earlier industry report indicated.

In economic news, new home sales jumped to a seasonally-adjusted annual rate of 544,000 from an upwardly revised November figure of 491,000.

The Federal Open Market Committee is scheduled to release its meeting statement at 2 p.m. ET as it concludes its two-day meeting.

Analysts don't expect the central bank to move on rates, but will scrutinize the statement for signs of how much the Fed is watching recent global market activity and indications on the future path of tightening.

Prices for the 10-year Treasury gave back ground, raising yields to 2.04% from Tuesday's 2%. Treasury prices and yields move in opposite directions.

Oil prices improved 82 cents a barrel to $32.27 U.S.

Gold prices eased $2.53 to $1,117.38 U.S. an ounce.