Stocks Fall as Fed Fails to Move on QE3

September crude oil futures settled down $1.72 cents at $88.06 a barrel. December gold futures settled down by $7.30 at $1,607.30 an ounce.

The benchmark 10-year Treasury fell 15/32, raising the yield to 1.521%. The greenback was trading up 0.53%, according to the dollar index.

The FTSE in London settled up 1.38% and the DAX in Germany finished down 0.26% as the Hong Kong Hang Seng index closed higher by 0.12% and the Nikkei in Japan closed lower by 0.61% amid tepid manufacturing reports out of China and eurozone. The data added to hopes that policymakers would act to boost the global economy.

Yields on Spain and Italy's 10-years eased Wednesday.

In corporate news, media and entertainment giant Time Warner (TWX) posted second-quarter adjusted earnings of 59 cents a share on revenue of $6.74 billion. Analysts were expecting profit of 59 cents a share on revenue of $6.95 billion. Shares rose 1.2%.

MasterCard(MA) reported second-quarter earnings of $713 million, or $5.65 a share, beating the Wall Street target of $5.57 a share. Net revenue was $1.82 billion, falling short of the consensus estimate of $1.88 billion.

Purchase volume increased 13% globally, though revenue amassed in overseas markets took a hit thanks to the stronger dollar.

Shares fell 2.2%.

Nokia(NOK) shares were rising Wednesday on talk that Chinese PC maker Lenovo may be interested in the struggling Finnish cellphone maker, Reuters reported.

Shares dipped 1.2%.

Take-Two Interactive Software( TTWO ) posted worse-than-expected first quarter results and cut its full-year guidance amid weaker-than-expected demand for some of its games. Shares were declined by more than 10%.

Cable company Comcast( CMCSA ) posted second-quarter earnings that exceeded estimates as it signed up a greater number of phone and broadband customers and lost less customers. Shares added more than 3%.

Facebook( FB) shares slid 3.8% and on their way to a new low.