Stock market averages might rebound from steep losses suffered Tuesday, with help from upbeat earnings news Wednesday. Thirty minutes before the start of trading in New York, stock index futures indicate that the Dow Jones Industrial Average might add 50 or 60 points at the open.

The Dow lost 213 points and the NASDAQ fell 51.5 yesterday as fears of Europe’s widening debt problems spread across the globe. The action continued Wednesday, with Japan’s Nikkei losing 2.6 percent in Asia and benchmarks suffering another round of losses in Europe.

However, the euro is up .0088 to 1.3243 and modest strength is being seen in some of the commodities. Gold gained $1.1 to $1163.30 an ounce. Crude edged up 36 cents to $82.80 ahead of weekly inventory data, due at 10:30 eastern time.

Earnings news is modestly supportive as well. Dow Chemical (DOW), Goodyear Tire (GT), and Wellpoint (WLP) are up on better-than-expected results. Sprint Nextel (S) is off 4 percent after posting a quarterly loss on falling subscriptions.

On the economic front, the focus turns to the Federal Reserve Open Market Committee [FOMC] rate announcement at 2:15. The Fed is widely expected to stand pat on rates and maintain the phrase “extended period of time” with respect to its low interest rate policy.

Bonds are lower ahead of the results and as some player exit the flight-to-safety trade. The benchmark ten-year Treasury is down 10/32nd and now yields 3.73 percent.