Tuesday's early afternoon trade: Tech stocks shine ahead of Apple event

NEW YORK: Tech stocks pushed Wall Street higher on Tuesday led by Apple shares ahead of a launch event by the company, while investors hoped the Federal Reserve would continue with its dovish stance as the central bank's two-day meeting got underway.

Apple Inc's 1.8% rise was the biggest boost to the S&P 500 and Nasdaq in the run-up to a broadcast event, where the company is expected to unveil updates to products such as the Apple watch and iPads. The event begins at 1 p.m. ET (1700 GMT).

The tech index jumped 1.5%, extending its recovery from a brutal sell-off earlier this month that had halted a Wall Street rally. At 12:28 p.m. ET, the Dow Jones Industrial Average was up 125.51 points, or 0.45%, at 28,118.84, the S&P 500 was up 31.57 points, or 0.93%, at 3,415.11. The Nasdaq Composite was up 168.22 points, or 1.52%, at 11,224.87.

Citigroup Inc dropped 3.7% following a report that federal regulators were preparing to reprimand the US lender for failing to improve its risk-management systems. JPMorgan Chase & Co slipped 2.1% as it lowered its full-year net interest income forecast. The banks sub-index slipped 1.7%.

Tesla Inc added 5.8%, rising for the fifth day, as anticipation heats up for its "Battery Day" event next week, where Chief Executive Officer Elon Musk is expected to tout the latest improvements in the electric-car maker's battery technology.