Stock Market Today: Stocks Mixed as Fed Cuts Bond Buying to $25 Billion
Societe Generale economists note that any shift in the Fed's rhetoric will come no sooner than the September 16 to 17 FOMC meeting, and possibly even later. The "Fed's unlikely to break the summertime bliss," the economists wrote in a report.
The Dow dropped 0.19% to 16,880.36, recovering from session lows prior to the Fed's announcement, while the S&P 500 pared losses to hover at its flatline of 1,970.07.
Read More: Fed Continues to Cut Bond Buying
The Nasdaq advanced 0.45% to 4,462.9, as Twitter
U.S. second-quarter advanced GDP figures came in a stronger than expected, increasing at an annual rate of 4% vs. the consensus estimate of 3%. The first quarter's GDP result was upwardly revised to a decrease of 2.1%, from the prior estimate of 2.9%, the Commerce Department reported Wednesday.
The July ADP employment change report , preceding Friday's July government job results, showed private payroll growth of 218,000, which supports the view that job growth is maintaining strength heading into the second half of the year.
Shares of United States Steel Corp
Bio-pharmaceutical company Amgen
Shares of Amazon
European stock indices were little changed on Wednesday as a new round of U.S. and European Union sanctions against Russia over its suspected military backing of separatists in Ukraine coincided with a slew of corporate earnings from some of Europe's biggest companies.
In Tokyo the Nikkei 225 closed up 0.18% at 15,646,43. In Hong Kong the Hang Seng gained 0.37% to 24,732.21.