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NEW YORK: Wall Street stocks extended their rally early Wednesday as markets digested another round of mostly solid earnings ahead of a Federal Reserve review of economic conditions around the country.

Major indices have pushed higher over the last week, shrugging off worries about inflation as most leading companies report better-than-expected results.

"We're getting a little bit of a pause today," said LBBW's Karl Haeling. "And I think it's just consolidation after such a strong rally over the past week."

Investors are set to receive the Fed's "beige book" report later Wednesday reviewing the state of the economy ahead of the central bank's next policy meeting when it is expected to announce the start of tapering of its stimulus measures.

About 20 minutes into trading, the Dow Jones Industrial Average was up 0.2 percent at 35,529.64.

The broad-based S&P 500 climbed 0.3 percent to 4,531.45, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 15,154.11.

Wall Street flat on concerns over inflation impact on profits

Among individual companies, Netflix dropped 2.3 percent despite reporting results that topped expectations as global streaming hits like Squid Game drew viewers in droves.

However, the pullback comes on the heels of gains earlier in 2021 and as the streaming giant contends with fallout over a recent Dave Chappelle comedy special that activists say is harmful to the transgender community. Some Netflix workers plan a walkout and rally on Wednesday in Los Angeles.

Verizon climbed 1.6 percent after earnings topped analyst expectations as it reported higher gains in profit and revenue on broadband subscriber growth.

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