Stocks will likely trade in a narrow range Wednesday ahead of the Federal Reserve’s decision on U.S. interest rates due this afternoon.

Economists widely expect policy makers to continue their gradual pace of raising rates with another quarter percentage-point increase in its target for the federal-funds rate to 2.5%.

There are no major economic releases from Statistics Canada today.

In today’s earnings new, BCE said its annual profit dropped almost 13% to $1.52 billion, dragged down by $772 million in restructuring costs.

Boeing reported that its net income plunged 84% in the fourth quarter amid charges for the discontinuation of its 717 jet and costs for a tanker program, which were partially offset by a tax-settlement gain. Revenue climbed 1.2%.

After markets closed Tuesday, Google reported that its profit rose almost eightfold and revenue roughly doubled in the fourth quarter, exceeding analyst expections..

Toronto stocks advanced Tuesday buoyed by gains in mining and energy issues. The S&P/TSX composite index finished up 66.08 points, or 0.72%, at 9,270.13.

Nortel, the market’s most active issue on Tuesday, gained 6¢, or 1.48%, to $4.12 after reporting results for the first half of 2004 that were in line with market expectations.

In New York, U.S. stocks got a boost from American Express after the Dow component said it will spin off its personal finance unit.

The Dow Jones industrial average closed up 62 points, or 0.59%, at 10,551.94. The S&P 500 was up 8.14 points, or 0.69%, at 1,189.41. The Nasdaq composite index was up 6.29 points, or 0.30%, at 2,068.70.