* Fed statement scheduled for 2 p.m. ET
* Apple rises after strong results
* Twitter slumps after results
* Indexes up: Dow 0.36 pct, S&P 0.30 pct, Nasdaq 0.16 pct (Updates to open)
By Abhiram Nandakumar
Oct 28 (Reuters) - U.S. stocks were boosted by gains in Apple on Wednesday, and investors awaited the Federal Reserve’s policy statement later in the day.
Apple sold 48 million iPhones in the quarter and reported a near doubling of revenue from China, allaying concerns about its business in the world’s second-largest economy.
The stock was up 2.4 percent at $117.27, providing the biggest boost to the three major indexes.
The Fed’s statement is due at 2:00 p.m. ET (1800 GMT) after its two-day policy meeting ends. While the central bank is not expected to raise rates at the meeting, traders will parse the statement for clues on when it will pull the trigger.
“I don’t think the Fed is going to do anything. The issues they talked about in September are still there,” said Drew Horter, founder of Horter Investment Management.
“I don’t think they’re going to raise until 2016 because there are too many questions right now.”
While the United States is starting to show signs of a slowdown, the global economy continues to remain fragile with China cutting rates further to stimulate growth.
U.S. stocks closed slightly lower on Tuesday after Ford’s results missed expectations and energy stocks slid.
At 9:56 a.m. ET, the Dow Jones industrial average was up 63.27 points, or 0.36 percent, at 17,644.7, the S&P 500 was up 6.22 points, or 0.3 percent, at 2,072.11 and the Nasdaq composite index was up 7.96 points, or 0.16 percent, at 5,038.11.
Eight of the 10 major S&P sectors were up, with the telecom sector’s 1.36 percent rise leading the advancers.
AIG jumped 3.2 percent to $62.94 after activist investor Carl Icahn disclosed a “large stake” in the insurer and said it should split itself into three listed entities.
Starwood Hotels & Resorts soared 10 percent after CNBC reported said Hyatt Hotels was in advanced talks to buy the company.
Rite Aid shares lost some of their Tuesday’s gains and were trading down 7.2 percent at $8.05, a day after Walgreens Boots Alliance said it would buy the smaller drugstore operator for $9.4 billion.
Twitter slumped 11.3 percent to $27.79 on disappointing revenue forecast and anemic user growth.
Akamai Technologies dropped 18.3 percent to $61.76 after its revenue and profit forecast was below expectations.
Amgen, GoPro and PayPal will post results after the close. GoPro was up 1.8 percent.
Advancing issues outnumbered decliners on the NYSE by 1,975 to 763. On the Nasdaq, 1,688 issues rose and 665 fell.
The S&P 500 index showed 14 new 52-week highs and three new lows, while the Nasdaq recorded 43 new highs and 50 new lows. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Saumyadeb Chakrabarty)