Dow stocks at 52 week highs include Boeing (BA), 3M (MMM) and United Technologies (UTX). There are no Dow stock 52 week lows.

The Market

Tuesday the Dow closed up +34.95 (+0.23%) at 15,529.73.

Year-to-date the Dow is up +18.51%..

This morning the Dow was indicated to open up +7 points.

The FOMC concludes its 2-day meeting today. The market is looking for a $10 billion cut in QE3 to $75 billion from the current $85 billion level. The central bank will release a statement at 2 p.m. ET following the conclusion of its latest policy-making meeting. Fed chair Ben Bernanke will then hold a press conference at 2:30 p.m. to discuss the Fed’s latest assessment of the economy and its plans for the future.

Procter & Gamble (PG) was downgraded to “Equal Weight” from “Overweight” at Barclays.

Caterpillar (CAT) was downgraded to “Neutral” from “Outperform” at RW Baird.

AT&T Inc. (T) shares are up in premarket trade as it expanded its Aio Wireless no-contract plans across the US.

Walk Disney Co (DIS) shares are down in premarket trade after the company announced that it is planning to repurchase between $6 and $8 billion shares in fiscal year 2014.

Microsoft yesterday announced that it would return cash to shareholders by increasing its quarterly dividend by 22 percent and reauthorizing $40 billion to buy back shares.

European markets are higher and Asian markets ended mixed.

The national average price of gasoline is down six-tenths of a cent to $3.506 per gallon.

Earnings Reports

There are no Dow stocks expected to report earnings soon.

Earnings reports from Tuesday include:

Adobe Systems Incorporated (ADBE) reported third quarter EPS of $0.32 on revenue of $995.10 million, compared to last year’s EPS of $0.58 on revenue of $1.08 billion.

FactSet Research Systems Inc. (FDS) reported fourth quarter EPS of $1.20 on revenue of $219.98 million, compared to last year’s EPS of $1.08 on revenue of $218.98.

Other stocks expected to report earnings today include:

FedEx Corporation (DX) is expected to report EPS of $1.52 on revenue of $11.00 billion, compared to last year’s EPS of $1.45 on revenue of $10.79 billion.

General Mills, Inc. (GIS) is expected to report EPS of $0.70 on revenue of $4.30 billion, compared to last year’s EPS of $0.66 on revenue of $4.05 billion.

Oracle Corporation (ORCL) is expected to report EPS of $0.56 on revenue of $8.48 billion, compared to last year’s EPS of $0.53 on revenue of $8.21 billion.

Today’s Featured Dow Stock

Hewlett-Packard Co. (HPQ).

Hewlett-Packard Co. (HPQ) is up 52.07% year-to-date.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -13.5% with purchase sub-index -2.7% and refi sub-index 20.2%.

0830 ET Aug housing starts expected +2.7% to 920,000, July +5.9% to 896,000. Aug building permits expected -0.4% to 950,000, July +3.9% to 954,000.

1030 ET EIA Weekly Petroleum Status Report.

1400 ET FOMC announces interest rate decision and updates its economic projections.

1400 ET Fed expected to cut QE3 monthly purchases by $10 billion to $75 billion from current $85 billion with monthly MBS purchases unchanged at $40 billion and a $10 billion cut in monthly Treasury purchases to $35 billion from $45 billion.

1430 ET Fed Chairman Ben Bernanke holds press conference following FOMC meeting.