The S&P 500 hit a 29-month high on Wednesday as investors snapped up commodity and tech shares ahead of the Federal Reserve's statement, expected to continue to be supportive of markets. Boeing Co fell 3 percent to $70.06 after the US plane maker and Dow component posted a drop in quarterly profit and offered a disappointing forecast.
Commodity shares got a boost after Allegheny Technologies Inc forecast stronger sales in 2011, helped by higher base prices for metals and a stronger aerospace and defence market. Allegheny rose 8 percent to $63.08, leading the S&P materials sector index up 1.7 percent. The Dow Jones industrial average gained 24.07 points, or 0.20 percent, to 12,001.26. The Standard & Poor's 500 rose 6.18 points, or 0.48 percent, to 1,297.36. The Nasdaq Composite added 20.16 points, or 0.74 percent, to 2,739.41.