Wall Street ends up after Fed rate; European shares fall on Greece

Big profits from Apple and a promise from the Federal Reserve to keep rock-bottom rates for at least two more years powered the stock market higher on Wednesday.

The Dow Jones industrial average ended up 82.87 points, or 0.65 percent, at 12,758.62. The Standard & Poor's 500 Index was up 11.38 points, or 0.87 percent, at 1,326.03. The Nasdaq Composite Index rose 31.67 points, or 1.14 percent, at 2,818.31.

European shares fell to a one-week closing low on worries about the outcome of debt talks in Greece, while weak earnings news was also a major drag after Ericsson's results came in below expectations.

The pan-European FTSEurofirst 300 index of top shares provisionally closed down 0.6 percent at 1,039.01 points.

Japan's Nikkei average scaled a new three-month high, boosted by gains in exporters such as Toyota Motor and Canon as the yen weakened following data showing Tokyo posted its first annual trade deficit since 1980. The Nikkei closed 1.1 percent higher at 8,883.69.

The benchmark is up 5.1 percent this month, and if the index were to finish with the current gains, it would be the best January performance since 1998.

The broader Topix gained 1.3 percent to 767.40. Volume on the main board recovered, with 2.2 billion shares changing hands, yesterday's 1.84 billion shares and Monday's 2.01 billion.