US stocks move higher in midday trade; China shares rebound

FILE - In this Monday, July 6, 2015, file photo, a man uses a mobile phone while walking by a building in the Financial District in New York. Global stock markets rose Wednesday, July 29, 2015, as Chinese shares rebounded after a record sell-off and attention turned to a Federal Reserve meeting that might give clues about the timing of a U.S. interest rate hike. (AP Photo/Mark Lennihan, File)
FILE - In this Monday, July 6, 2015, file photo, a man uses a mobile phone while walking by a building in the Financial District in New York. Global stock markets rose Wednesday, July 29, 2015, as Chinese shares rebounded after a record sell-off and attention turned to a Federal Reserve meeting that might give clues about the timing of a U.S. interest rate hike. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) — Stocks posted solid gains in midday trading Wednesday as Chinese shares rebounded and traders wait to hear from the Federal Reserve. Strong results from companies like Gilead Sciences also helped push shares higher.

KEEPING SCORE: The Dow Jones industrial average rose 101 points, or 0.6 percent, to 17,731 as of 12:10 p.m. Eastern, near its high for the day. The Standard & Poor’s 500 index rose 11 points, or 0.5 percent, to 2,103 and the Nasdaq composite rose 11 points, or 0.2 percent, to 5,100.

FED MEETING: Fed policymakers finish their two-day meeting Wednesday afternoon. While investors widely expect that the nation’s central bank will not raise interest rates at this meeting, there might be language in the Fed’s statement on the timing of when the bank does start to raise interest rates. Most investors expect the Fed will raise rates in September or December.

The Fed will release its policy statement at 2 p.m. Eastern time.

ASIA’S DAY: China’s Shanghai Composite Index rebounded 3.4 percent to close at 3,789.17 after flitting between gains and losses for most of the day. Alarm over the sharp fall in Chinese shares has abated somewhat after the Shanghai index steadied following Monday’s 8.5 percent dive.

TWITTER SINKS: Twitter dropped $4.79, or 13 percent, to $31.68. While the company’s quarterly results exceeded Wall Street’s forecasts, newly-appointed CEO Jack Dorsey said its turnaround will take some time. Dorsey said the company isn’t satisfied with how fast its audience is growing.

HEALTHY: Gilead Sciences rose $3.39, or 3 percent, to $116.46. The company’s profits jumped 23 percent from a year ago, helped by its new blockbuster hepatitis C medicine Harvoni. The company also raised its 2015 forecasts.

ENERGY: Benchmark U.S. crude rose $1.05 to $49.03 a barrel on the New York Mercantile Exchange.

BONDS, CURRENCIES: U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 2.29 percent from 2.25 percent. The euro fell to $1.1021 from $1.1068. The dollar rose to 123.90 Japanese yen from 123.57 yen.

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