Apple's earnings highlighted that corporate America is by and large weathering a storm of economic uncertainty elsewhere, while US Federal Reserve policy makers said they expect the pace of growth to gather steam.
"The committee expects economic growth to remain moderate over coming quarters and then to pick up gradually," the Federal Open Market Committee said in a statement today at the end of a two-day meeting.
Even so, the Fed warned that the US housing sector "remains depressed" and that "strains in global financial markets continue to pose significant downside risks to the economic outlook."
Underpinning a need for caution was a report showing that orders for US durable goods suffered a bigger-than-expected 4.2 per cent drop in March.
Investors chose to focus on the good news. In afternoon trading in New York, the Dow Jones Industrial Average advanced 0.49 per cent and the Standard & Poor's 500 Index rose 1.24 per cent. The Nasdaq Composite Index climbed 2.15 per cent, lifted by a 9 per cent jump in Apple shares.