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Stocks drift lower as investors wait for the Fed

Trader James Denaro works on the floor of the New York Stock Exchange Tuesday, June 11, 2013. Global stock markets were mostly lower Wednesday June 19, 2013 as investors waited for an update on the U.S. economy from the Federal Reserve. (AP Photo/Richard Drew)

NEW YORK (AP) -- Stocks are drifting lower on Wall Street as investors hold back ahead of a policy announcement from the Federal Reserve.

The Dow Jones industrial average was down 10 points, or 0.1 percent, at 15,307 at midday Eastern Daylight Time Wednesday.

The Standard & Poor's 500 index was down two points, or 0.2 percent, at 1,649. Telecommunications stocks fell the most in index, 0.9 percent.

The Nasdaq composite index edged down four points, or 0.1 percent, to 3,478.

The Fed is winding up a two-day policy meeting. Traders hope the bank will clarify when it plans to slow down its bond-buying program.

Men's Wearhouse fell 84 cents, or 2.2 percent, to $36.63 after the company's board dismissed its founder and executive chairman, George Zimmer.