* More easy money policy expected from Fed
* Whirlpool, Corning, Baker Hughes beat expectations
* Indexes up: Dow 0.03 pct, S&P 0.1 pct, Nasdaq 0.2 pct
* For up-to-the-minute market news see STXNEWS/US
(Updates to open)
By Edward Krudy
NEW YORK, April 27 (Reuters) - Forecast-beating results
from big U.S. corporations and expectations of more of the same
easy money policies from the Federal Reserve lifted Wall Street
on Wednesday, with stocks set to run higher after the S&P 500
moved above a technical resistance level.
However, gains were slight after indexes rose to around 3
year highs in the prior session and investors waited for the
Fed's statement on monetary policy later on Wednesday.
Fed Chairman Ben Bernanke will likely use his first-ever
news conference on monetary policy to hammer home the case for
a patient approach to withdrawing the central bank's support
for the U.S. economy and point to low interest rates in the
near future. For details see []
Companies continued the parade of encouraging results with
names such as Whirlpool Corp <WHR.N>, Corning Inc <GLW.N>, and
Baker Hughes Inc <BHI.N> trumping Wall Street's profit
expectations. So far about three-quarters of the S&P 500
companies which have reported results have beaten forecasts.
"Earnings are coming in very, very nicely," said Wayne
Kaufman, chief market analyst at John Thomas Financial in New
York. "The valuation of the market is very, very attractive ...
it's hard for me to be bearish."
The Dow Jones industrial average <> rose 4.32 points,
or 0.03 percent, at 12,599.69. The Standard & Poor's 500 Index
<.SPX> added 1.13 points, or 0.08 percent, at 1,348.37. The
Nasdaq Composite Index <> gained 5.81 points, or 0.20
percent, at 2,853.35.
Whirlpool, the world's largest appliance maker, trumped
quarterly profit and sales estimates on cost controls and
improving sales in most markets. The shares rose 3.4 percent to
$90.80. []
Baker Hughes Inc's shares rose 6 percent to $78.44.
First-quarter results topped Wall Street estimates as new U.S.
oil resources attracted a rush to drill in the most important
market for the No. 3 oilfield services company in the world.
Corning Inc's <GLW.N> quarterly profit beat Wall Street
expectations, and it said the earthquake in Japan would only
affect its business until the second quarter, sending shares up
more than nearly 6 percent to $21.78.
The Federal Open Market Committee will release a statement
on interest rate policy at 12:30 p.m. (1630 GMT). In a Reuters
poll, dealers expect the fed funds rate will remain in the 0.0
percent to 0.25 percent range. Federal Reserve Chairman Ben
Bernanke will hold media briefing at 2:15 p.m. (1815 GMT).
(Editing by Kenneth Barry)
