Updated from 11:31 a.m. EDTStocks on Wall Street were gaining ground midday Wednesday after a choppy morning, as traders combed through a bevy of corporate earnings and awaited an expected cut in the Federal Reserve's key target interest rate. The Dow Jones Industrial Average was lately climbing 106 points to 9171, and the S&P 500 was rising 9.8 points to 950. The Nasdaq was tacking on 20 points to 1669. During Wednesday's session, investors were eyeing the Fed's next move regarding interest rates. Policymakers began a two-day meeting Tuesday, and around 2:15 p.m. EDT the market will know definitively if rates have been reduced again. Observers widely expect the central bank to cut the fed funds target rate 50 basis points to 1% to provide additional liquidity to dysfunctional lending markets. "If they cut, it's for psychological reasons," said Jack Ablin, chief investment officer at Harris Private Bank. Harris said the incremental benefit from a rate cut would not be very great, and he'd prefer a rate cut by the European Central Bank. "In my view, this commercial-paper program that the Treasury initiated yesterday will do way more to fuel borrowing and lending than a lower fed funds rate." "The real story regarding the Federal Reserve is its various liquidity operations; the federal funds rate is second fiddle," wrote Tony Crescenzi, chief bond market strategist at Miller Tabak, on his RealMoney.com blog. He said that household and business debts are tied to the prime rate, which in turn is pegged to the target fed funds rate. As such, a reduction in the target rate would still have an impact, he wrote.