Stocks continue to turn in a mixed performance in mid-afternoon trading on Wednesday, as traders wait on the Federal Reserve's latest monetary policy announcement. The major averages are stuck on opposite sides of the unchanged line.
The choppy trading on Wall Street comes as traders are reluctant to make any significant moves ahead of the Fed announcement, hoping for an indication about the possibility of further stimulus.
The markets are likely to see considerable volatility following the release of the statement from the Fed, although some traders may remain on the sidelines ahead of a separate monetary policy announcement from the European Central Bank on Thursday.
Most of the major sectors are showing only modest moves, although significant weakness has emerged among trucking stocks. The Dow Jones Trucking Index has tumbled by 3.2 percent amid steep losses by Con-Way (CNW) and Arkansas Best (ABFS).
Airline, electronic storage, and brokerage stocks have also moved to the downside on the day, while strength is visible among oil service and telecom stocks.
The major averages have moved to the downside in the past few minutes but currently remain mixed. While the Nasdaq is down 7.80 points or 0.3 percent at 2,931.72, the Dow is up 14.00 points or 0.1 percent at 13,022.68 and the S&P 500 is up 0.91 points or 0.1 percent at 1,380.23.
by RTT Staff Writer
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