Major Averages Move Back To The Upside In Early Trading

(RTTNews) - Stocks have moved mostly higher in early trading on Wednesday, offsetting the modest weakness seen in the previous session. The major averages have all moved to the upside, although buying interest has remained relatively subdued.

The early strength on Wall Street may partly reflect a positive reaction to earnings news from Apple (AAPL), as the tech giant reported upbeat fiscal fourth quarter results after the close of trading on Tuesday.

Apple reported fourth quarter earnings and revenues that exceeded estimates, benefiting from strong iPhone sales, particularly in China. Shares of Apple are up by 1.9 percent on the news.

Nonetheless, traders seem somewhat reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement this afternoon.

The Fed is widely expected to hold off on raising interest rates, but traders will be paying close attention to any signals regarding a rate hike in December.

Gold stocks have shown a substantial move to the upside, however, with the NYSE Arca Gold Bugs Index surging up by 5 percent. The strength in the sector comes as the price of gold for December delivery is climbing $15.90 to $1,181.70 an ounce.

Energy, railroad, electronic storage, and housing stocks are also seeing early strength, while notable weakness is visible among trucking stocks.

Currently, the major averages are just off their highs for the young session. The Dow is up 80.80 points or 0.5 percent at 17,662.23, the Nasdaq is up 16.74 points or 0.3 percent at 5,046.88 and the S&P 500 is up 10.14 points or 0.5 percent at 2,076.03.