US STOCKS-Energy stocks buoy Wall St ahead of Fed statement; Facebook falls
* Facebook shares down as expenses seen rising
* Orbital Sciences falls after rocket explosion
* Dow up 0.3 pct, S&P up 0.3 pct, Nasdaq down 0.1 pct (Updates to morning trading)
By Rodrigo Campos
NEW YORK, Oct 29 (Reuters) - U.S. stocks edged higher on Wednesday boosted by gains in the energy sector, with traders looking forward to a statement from the U.S. Federal Reserve as it winds down its stimulus program.
The Nasdaq Composite was pressured by a decline in Facebook shares as investors fretted over its spending plans.
In an otherwise data-light session, the Fed is likely to announce that it will no longer add to its holdings of Treasury bonds and mortgage-backed securities, effectively ending a program that at its peak pumped $85 billion a month into the financial system.
The Fed's cash injection is widely seen as a pillar of the current multiyear bull market in equities, and earnings are expected to support any further advances. So far this reporting season, 73.5 percent of S&P 500 companies have exceeded profit expectations. In a typical quarter since 1994, 63 percent of companies beat estimates, according to Thomson Reuters data.
"Everybody is looking ahead to the FOMC statement in the afternoon. I'd expect we won't have a lot of movement before that," said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois. Continuación...