The market was on an upswing in midafternoon, with the Dow Jones Industrial Average (DJINDICES:^DJI)rising out of the red to go 32 points up as of 2:30 p.m. Twenty-one of the index's 30 member stocks were also in the green. The rise came after the Federal Reserve's unsurprising decision this afternoon to lower its bond-buying stimulus by another $10 billion per month. Boeing (NYSE:BA) stock has declined by 0.5% despite upbeat news from the company's commercial aerospace segment in China. Meanwhile, earnings have given a big boost to Adobe Systems (NASDAQ:ADBE), which has led the tech sector today with shares gaining 7.7%. Let's catch up on what you need to know.

Boeing looks to China for the long run

Boeing's747-8 jumbo jet. Source: Boeing image gallery

Bloomberg reported that Boeing is in talks with ICBC Financial Leasing, part of a major bank in China, for a deal involving the company's 747-8 aircraft. The move would help replace older 747 models at South Korean airline Asiana Airlines and also give a boost to Boeing's struggling 747-8, which has managed just one order year to date.

Analysts have touted China as one of the biggest drivers for growth in a commercial aerospace market in the coming years, and Boeing aims to take full advantage of the market's potential. Boeing projects that the nation alone will need 6,000 commercial aircraft over the next 20 years, although the manufacturer estimates much of that to be in the single-aisle jet category. Nonetheless, it's a huge opportunity for the world's aerospace giants.

The company's commercial aerospace business, its biggest niche by sales, has taken off lately. However, Boeing's defense and space systems branch has lagged as government cuts have taken a toll on defense budgets, particularly in the U.S. Still, Boeing is looking to make the most of this area, as well: The company's United Launch Alliance, a joint venture with Lockheed Martin (NYSE:LMT), is angling to put together a U.S. alternative to Russian rockets that carry military satellites into space. Boeing and Lockheed are facing tough pressure here as the space industry ramps up, however: Elon Musks's SpaceX is pushing hard against the Pentagon to be able to launch military satellites as well. While Boeing and Lockheed plan to have a U.S.-made rocket in place to begin launching military satellites by 2019, it's important to keep an eye on SpaceX, which is emerging as a powerful player in the space-launch segment.

Around the market today, Adobe Systems exceeded earnings estimates in its latest quarterly report. Adobe managed revenue growth of more than 5% for the quarter, topping analyst projections on both the top and bottom lines. The company offered only modest third-quarter projections, but Adobe leadership expressed enthusiasm for "a strong second half of the year." The company has pushed hard into cloud computing, racking up more than half of its overall revenue for the quarter from subscription-based recurring products in a trend that bodes well for the future. It's a great surprise for a company that has faced disappointing earnings in the past; for Adobe investors, today's stock jump is a great payoff.