Stocks inch lower as market waits Fed decision

Stocks edge lower as investors wait to hear from the Fed regarding its bond-buying program

Associated Press
Stocks, bonds rise sharply as Fed keeps stimulus
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Traders Stephen Mara, left, and Edward Schreier work on the floor of the New York Stock Exchange Wednesday, Sept. 18, 2013. Stocks were little changed in early trading Wednesday as investors wait to hear from the Federal Reserve on the fate of the central bank's bond-buying program. (AP Photo/Richard Drew)

NEW YORK (AP) -- Stocks are slightly lower at midday as investors wait for an update from the Federal Reserve.

The Dow Jones industrial average was down 50 points, or 0.3 percent, at 15,479 at noon Eastern time Wednesday.

The Standard & Poor's 500 index was down four points, or 0.2 percent, at 1,700. The Nasdaq composite was down seven points, or 0.2 percent, at 3,738.

The Fed is expected to announce a slowdown of its economic stimulus program after it winds up a two-day policy meeting later Wednesday.

FedEx rose $3.25 or 3 percent, to $113.93 after reporting earnings and revenue that beat analysts' estimates.

Five Below fell $3.11, or 6 percent, after the discount store chain said its largest shareholder and its executive chairman would sell a total of 7 million shares.

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