Tue, Jul 30, 2013 8:46 PM EDT 1:00
Wall Street lacked direction as it awaited the week?s main economic news, and the stock market wandered between slight gains and losses before closing barely higher. Traders were especially disinclined to make big bets before the Federal Reserve issues its policy statement Economic growth probably slowed sharply in the second quarter, but its pace is unlikely to change views that the Federal Reserve will start trimming bond purchases later this year. The slowdown is expected to be temporary, with an acceleration in output forecast for the rest of 2013 as the drag from higher taxes and deep budget cuts wanes. Three of the world's leading central banks are likely to reaffirm their determination this week to keep a lid on interest rates for a long time to come, despite signs that their economies are slowly on the mend.