Dow jumps nearly 400 points to trade near session high as stock market awaits Fed update

The Dow Jones Industrial Average midday Wednesday was trading near its highest intraday level ahead of monetary policy update from the Federal Reserve set for 2 p.m. Eastern Time. The Dow was most recently up by about 380 points, or 1.5%, at 24.957, tracking its best daily gain since Jan. 4, when the blue-chip benchmark surged 747 points, according to FactSet data. The Dow's gains were predominantly boosted by a surge in shares of industrial giant Boeing Co. and iPhone maker Apple Inc. , after both reported quarterly results. The broader market also was in an updraft, with the S&P 500 index rising 0.9% at 2,664, while the technology and internet-laden Nasdaq Composite Index advancing 1.1% at 7,106.

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