Stocks in record territory. But for how long?

NEW YORK (CNNMoney)

Investors expect the Fed to say at 2 p.m. Wednesday that it will continue its $85 billion monthly bond buying program. There are hopes that this stimulus, commonly known on Wall Street as quantitative easing or QE, will last through at least the end of this year because of the fallout from the government shutdown.

The Dow Jones industrial average, the S&P 500 and the Nasdaq moved up modestly in early trading.

The Dow and S&P 500 closed at record highs Tuesday.

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Weak hiring: The government shutdown may keep the Fed's printing press going but it appears to be causing a slowdown in hiring.

Private sector employers added just 130,000 jobs in October -- their lowest level of job growth since April, according to a report by payroll processor ADP.

Earnings season continues in full swing: General Motors (GM, Fortune 500) soared as it reported narrower losses in Europe and improving profit margins in North America. Chrysler reported double-digit gains in profit and sales for the quarter. The automaker is not publicly traded, but has announced plans for an initial public offering.

Sprint (S, Fortune 500) reported a quarterly profit but shares were flat in early trading. Cable giant Comcast (CMCSA, Fortune 500) reported declines in quarterly sales and profit, but earnings topped expectations. The stock was also flat in early trading.

Yelp (YELP) shares plunged 6% after the review site reported a wider-than expected quarterly loss and announced plans to sell more stock. On the flip side, Baidu (BIDU) shares rallied after China's largest search engine posted strong earnings and sales, and said earnings in the current quarter would easily top forecasts.

Related: Amazon is one of the most overvalued stocks

Shares of Electronic Arts (EA) jumped about 10% after the video game maker's quarterly earnings beat expectations.

Facebook (FB, Fortune 500) will report after the market closes.

European markets climbed to their highest levels in five years Wednesday, and Asian markets ended with sizable gains.