Dow's direction depends on what the Fed says this week

LAST week, earnings reports helped US stocks inch up to make more record highs but most traders awaited a signal from the Federal Reserve meeting this week.

Any hint on the timing of bond purchase "tapering" from the central bank will likely decide whether the Dow Jones Average completes its run to 16,000 or falls back below 14,000.

So far, earnings season has featured some big winners - such as online retailer Amazon.com; and some big losers, such as the world's largest maker of construction machinery, Caterpillar, which suffered from a decline in mining activity and infrastructure-spending worldwide.