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Weak open for stocks as Fed wraps up 2-day meeting

Joshua Freed, AP Business Writer

FILE- In this Monday, June 18, 2012, file photo, specialist Meric Greenbaum, center, works at his post on the floor of the New York Stock Exchange. Europe's stock markets rose Wednesday June 20, 2012 amid hopes that the Federal Reserve would announce measures to stimulate the U.S. economy. (AP Photo/Richard Drew, File)

Stocks are edging lower shortly after the opening bell as the Federal Reserve wraps up a two-day meeting.

Investors are hoping that the Fed will either keep buying long-term bonds to keep rates low, or at least signal that it's ready to act if the economy sputters. The Fed will release a statement at 12:30 p.m. Eastern time Wednesday.

A few minutes after trading opened, the Dow Jones industrial average fell 22 points to 12,815. The Standard & Poor's 500 index lost three points to 1,354 and the Nasdaq composite index dropped five points at 2,924.

Procter & Gamble fell 4 percent after the consumer products maker cut its fourth-quarter earnings and revenue forecasts.