U.S. Stocks Market ahead fed policy statement august 1 2012

U.S. Stocks Market ahead fed policy statement august 1 2012 : U.S. stocks opened higher on Wednesday, as investors eyed the release of a highly anticipated policy statement by the Federal Reserve, while hopes for further easing measures by the European Central Bank also boosted sentiment.

During early U.S. trade, the Dow Jones Industrial Average rose 0.38%, the S&P 500 index added 0.23% higher, while the Nasdaq Composite index gained 0.20%.

Upbeat U.S. data saw markets trim back expectations that the Fed would launch a third round of quantitative easing measures in the near-term, ahead of the conclusion of the central bank’s policy meeting later in the day.

U.S. payroll processor ADP said private sector employment increased by a seasonally adjusted 163,000 in July, beating expectations for an increase of 120,000.

June’s figure was revised down to 172,000, slightly lower that the initial estimate of 176,000.

Meanwhile, sentiment strengthened amid lingering optimism that the ECB will unveil major steps to counter the debt crisis in the euro zone at its policy meeting on Thursday.

Among earnings, Comcast saw shares surge 3.87% after the company posted a higher-than-expected quarterly profit, thanks to customer additions for its Internet and phone services. Comcast is the majority owner of NBC Universal, the parent company of CNBC and CNBC.com.

Retail giant Costco reported net sales of USD7.25 billion on a 7% jump in same-store sales, sending shares climbing 0.75%.

On the downside, Time Warner tumbled 1.69% after reporting lower net income on declines in its film, TV entertainment and publishing units.

Elsewhere, social gaming giant Zynga plunged 4.26%, following news that a California law firm sued the company, accusing it of failing to disclose a rapid decline in users and revenue.

Last week, Zynga reported quarterly results well below expectations and slashed its 2012 revenue forecast.

In the tech sector, Nokia skyrocketed 9.13% amid rumors Chinese PC maker Lenovo may be interested in the struggling Finnish cellphone maker.

Apple also added 0.57%, as the company kicked off on Tuesday a patent trial with rival Samsung Electronics which could result in billions of dollars in damages.

Samsung reportedly told jurors that its products are not copycats of Apple’s iPhone but rather an example of legitimate American-style competition from the South Korean company.

Other stocks in focus included Green Mountain Coffee, Hartford Financial, MetLife, Prudential Financial and Yelp, all due to report earnings later in the day.

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