US STOCKS-Wall St edges higher on Apple, Boeing strength; Fed in focus

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* Apple, Boeing help lift Dow
* Starbucks slips as coronavirus prompts store closures in
China
* Fed expected to hold rates, statement due at 2:00 pm ET
* Indexes up: Dow 0.36%, S&P 0.24%, Nasdaq 0.18%

(Changes comment, adds details)
By Sruthi Shankar
Jan 29 (Reuters) - U.S. stock indexes edged higher on
Wednesday, boosted by gains in Apple, Boeing and General
Electric following their results, while investors assessed the
economic damage of the fast-spreading coronavirus outbreak.
The Federal Reserve is also in focus as it is expected to
release its monetary policy statement at 2:00 pm ET.
With interest rates expected to remain on hold, market
participants are keen to know the central bank's take on
adjustments to its balance sheet and the impact of China's
coronavirus outbreak on global growth. In a busy week for earnings, Apple Inc AAPL.O gained 2.8%
after the iPhone maker reported earnings for the holiday
shopping quarter above analysts' expectations, even as it braced
for more supply disruptions in virus-hit China. Boeing Co BA.N rose 1.3% after the planemaker forecast
nearly $19 billion in costs related to the grounding of its 737
MAX jets, smaller than what many analysts had expected.
Microsoft Corp MSFT.O and Facebook Inc FB.O , set to
report results after markets close, were up 0.9% and 1.7%,
respectively.
"The U.S. market is attempting to accommodate a series of
tragic natural disasters overseas as well as the coronavirus
outbreak in China," Jefferies analysts wrote in a note.
"The good news is that the breadth of earnings and TP
(target price) revisions over the past month and quarter is
surprisingly strong," they said.
About 70% of the 143 companies on the S&P 500 index have
topped estimates so far. Analysts are expecting earnings to be
flat in the latest quarter, an improvement over a 0.6% decline
estimated at the start of the season, according to Refinitiv
data.
General Electric GE.N jumped 9.7% after the industrial
conglomerate set higher cash target for 2020.
However, several companies warned of disruption to their
operations due to the virus outbreak and a Chinese government
economist was also quoted as saying the country's economic
growth may drop to 5% or even lower. Starbucks Corp SBUX.O dropped 2.7% after warning of a
financial hit as it closed thousands of restaurants and adjusted
operating hours in China. At 11:42 a.m. ET, the Dow Jones Industrial Average .DJI
was up 0.36%, at 28,825.06. The S&P 500 .SPX gained 0.24% to
3,284.07 and the Nasdaq Composite .IXIC rose 0.18% at
9,285.95.
Advanced Micro Devices Inc AMD.O dropped 8.7% after the
chipmaker forecast first-quarter revenue below analysts'
estimates. Advancing issues outnumbered decliners by a 1.42-to-1 ratio
on the NYSE. Declining issues outnumbered advancers for a
1.21-to-1 ratio on the Nasdaq.
The S&P index recorded 32 new 52-week highs and five new
lows, while the Nasdaq recorded 58 new highs and 43 new lows.