North American stocks rose only modeslty soon after the start of trading on Wednesday, though the moves suggested cautiousness on the part of investors ahead of the Federal Reserve's monetary policy statement in the afternoon.
The Dow Jones industrial average rose 3 points, to 11,980 – failing to cross the 12,000-point threshold, despite early indications from futures activity. The broader S&P 500 rose 2 points or 0.2 per cent, to 1293. In Canada, the S&P/TSX composite index rose 64 points or 0.5 per cent, to 13,324.
Boeing Co. was a big drag on the Dow after it reported disappointing fourth quarter results and gave a 2011 forecast that fell shy of expectations. The shares fell 3.5 per cent.
In other moves, Home Depot Inc. rose 1.9 per cent, DuPont rose 1.8 per cent and Alcoa Inc. rose 1.1 per cent.
Among Canadian stocks, Canadian Pacific Railway Ltd. rose 0.8 per cent after its fourth quarter earnings topped expectations. Canadian National Railway Co., whose shares fell on Tuesday after it reported its earnings, rose 1.1 per cent.
Meanwhile, Potash Corp. of Saskatchewan Inc. rose 1.4 per cent.