June 23, 2010 Reading Time: < 1 minute

“Stocks wavered early Wednesday as investors awaited word from the Federal Reserve on its latest interest-rate decision and the outlook for the U.S. economy.

The Dow Jones Industrial Average, which entered Wednesday’s trading on a two-day losing streak, posted a small gain just after the open but recently retreated to trade 11 points lower at 10283, led by a 0.9% decline in Chevron. Its growth-sensitive industrial names were mixed, with Caterpillar off 1%, while United Technologies was flat. Boeing climbed 0.2%.

Traders widely expect the Fed to keep its key rate target near zero, but there has been some trepidation lately about the pace of recovery in the U.S. and other major economies and whether the Fed will change its outlook. The policy statement, due at 2:15 p.m., EDT, will be the central bank’s first opportunity to weigh in on the growth picture since a disappointing payrolls report on June 4 caused many traders to reassess their own bets that the U.S. will enjoy a steady recovery through year end.” Read more.

“U.S. Stocks Flit Between Gains and Losses Ahead of Fed”
Peter McKay
The Wall Street Journal, June 23, 2010.

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Tom Duncan

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