Stocks across Europe finished higher Wednesday, as investors sifted through the latest round of corporate earnings reports ahead of the Federal Reserve's policy decision. The Stoxx Europe 600 SXXP, +0.52% gained 0.5% to end at 382.74, after the benchmark on Tuesday advanced 0.4%.

U.S. stock-market benchmarks on Wednesday finished modestly higher, with all three gauges recording all-time highs, supported by better-than-expected corporate results, and as the Federal Reserve offered an update to its monetary-policy outlook. The Dow Jones Industrial Average DJIA, +0.45% advanced 97.58 points, or 0.5%, to close at a record of 21,711.01. Boeing Co. BA, +9.88% shares surged nearly 10% to its own all-time high, logging its best daily climb on a percentage basis since Oct. 28, 2008, according to WSJ Market Data Group.

Asian shares gave up earlier gains Wednesday, though Japanese and Australian stocks outperformed, helped by an improvement in appetite for risk, which pushed the U.S. dollar and commodity prices higher overnight. Commodities led the charge in European and U.S. trading on Tuesday, with copper prices jumping 4% and oil rising more than 3%. That's particularly good for Australian stocks, where a big market segment is mining and energy companies.