U.S. stocks climbed on Wednesday, a day after the S&P 500 took its biggest hit in more than three weeks, as upbeat earnings from companies including Apple (AAPL) boosted investor sentiment.

Boeing (BA) rose in early New York trading after the jet manufacturer and Dow component posted quarterly profit that surpassed estimates; Yahoo (YHOO) gained after saying it would spin off its 15 percent stake in Alibaba Group Holding (BABA).

“It looks like we’re rebounding on some pretty good earnings reports from both Apple and Boeing,” Jack Ablin, chief investment officer at BMO Private Bank, said.

A day after disappointing reports from multinationals, Apple’s stunning results brought some relief.

On Wednesday afternoon, the Federal Reserve concludes its first two-day policy session of 2015, with the central bank expected to indicate that it remains on track to start raising interest rates later in the year.

© Provided by CNBC

The Dow Jones Industrial Average (.DJI) gained 43.70 points, or 0.2 percent, to 17,430.91, with Boeing leading blue-chip gains that extended to 20 of 30 components.

The S&P 500 (.SPX) added 8.58 points, or 0.4 percent, to 2,038.13, with technology the best performing sector and energy the worst of its 10 major industry groups.

The Nasdaq (.IXIC)rose 40.05 points, or 0.9 percent, to 4,721.66.

The U.S. dollar (.DXY) gained against the currencies of major U.S. trading partners while the yield on the 10-year Treasury (US10Y) note fell a basis point to 1.8129 percent.

Dollar-denominated commodities including oil and gold declined on the New York Mercantile Exchange, where crude futures (@CL15H) for March delivery declined $ 1.08, or 2.4 percent, to $ 45.15 a barrel and the February gold (@GC15G) contract shed $ 8.40, or 0.7 percent, to $ 1,283.30 an ounce.

On Tuesday, U.S. stocks dropped sharply as corporations reported earnings that disappointed and orders for U.S. business equipment unexpectedly declined in December.

Coming Up This Week:

Wednesday

2 p.m.: FOMC announcement

Thursday

8:30 a.m.: Weekly jobless claims

10 a.m.: Pending-home sales for December

Friday

8:30 a.m.: Fourth-quarter GDP

9:55 a.m. Consumer-sentiment index for January

More From CNBC.com:

• Fed seen remaining patient with rates amid turmoil