Blue-chip stocks powered ahead yesterday as Wall Street geared up for an interest-rate cut from the US Federal Reserve and also got a lift from upbeat earnings from consumer products giant Procter & Gamble.

Technology stocks, meanwhile, hovered at break-even, despite the world's largest mobile phone maker, Nokia's gloomy earnings forecast for this year. But the damage was limited, putting a damper on telecom names, while other high-tech stalwarts traded higher.

The central bank's Federal Open Market Committee's meeting, which began yesterday morning, ends this afternoon.

Nasdaq's top tech names were a mixed bag, but telecom names were mainly lower, including wireless technology company Qualcomm, off $1.13 at $85.69. Other losers included Web gear maker Juniper Networks, off $3.81, at $112.44.