TORONTO - The Toronto stock market was positive near midday Wednesday as investors reacted to strong earnings reports from a slate of U.S. companies and awaited the latest policy statement from the U.S. Federal Reserve.

The S&P/TSX composite index rose 56.25 points to 12,036.35 while the TSX Venture Exchange gained 1.83 points to 1,367.60.

The Canadian dollar was up 0.39 of a cent to 101.60 cents US, as the greenback moved lower ahead of the Fed statement.

Apple's stock shot up more than $50 a share after the company reported stunning earnings after market close on Tuesday.

The company said its net income in the fiscal second quarter was $11.6 billion, or $12.30 per share. That was nearly double the net income of $6 billion, or $6.40 per share, a year ago. Analysts polled by FactSet had been expecting earnings of $10.07 per share.

Revenue at Apple was $39.2 billion, up 59 per cent from a year ago. Analysts had been expecting $37 billion.

The focus is likely to shift from Apple's earnings to the latest policy statement from the Federal Reserve due later in the day. It could well prompt traders to revise their expectations of how long U.S. borrowing costs will remain at their super-low level.

Comments from the Fed are scheduled for 12:30 p.m. ET while a news conference by chairman Ben Bernanke will follow at 2:15 p.m.

The Dow Jones industrials rose 74 points to 13,076, the Nasdaq composite index was up 61 points to 3,023 and the S&P 500 index was 15 points higher at 1,387.

In commodities, the May crude contract on the New York Mercantile Exchange was down 17 cents to US$103.38 a barrel, while the TSX energy sector moved up 0.68 per cent.

The TSX gold sector was up 0.7 per cent as bullion prices slipped $6 to US$1,637.80 an ounce.

In Canadian earnings, Encana Corp. (TSX:ECA) is reporting net earnings of $12 million for the first quarter of 2012, compared with a net loss of $361 million in the same period last year. Company shares were up 35 cents to $18.

Nexen Inc. (TSX:NXY) reported first-quarter net income of $171 million, or 32 cents per share, a decrease from 202 million, or 38 cents per share, in the same period of 2011. Consolidated revenue was just under $1.7 billion, up from just under $1.6 billion in the prior-year period. Its shares rose six cents to $19.06.

The TSX telecom sector was the only decliner, off 1.6 per cent. Late Tuesday, Rogers Communications (TSX:RCI.B) reported its adjusted profit dropped 16 per cent to $356 million as competition increased, while its revenues dipped one per cent to 2.95 billion, missing analyst expectations of $3.05 billion. Its shares fell 4.5 per cent to $37.27.

In U.S. earnings, Boeing was the best performer among the 30 stocks that make up the Dow after saying its first-quarter profit soared 58 per cent. Airlines around the world are updating their fleets with more fuel-efficient planes.

European markets were higher, with London's FTSE 100 index up 0.02 per cent, Frankfurt's DAX up 1.63 per cent and the Paris CAC 40 up by 2.10 per cent.

Earlier in Asia, Japan's Nikkei 225 index jumped 0.98 per cent while Hong Kong's Hang Seng fell 0.15 per cent.

In mainland China, the Shanghai Composite Index was up 1.7 per cent and the smaller Shenzhen Composite Index closed 3.1 per cent higher.