Stocks end little changed after Fed rally fizzles
NEW YORK -- Stocks ended the day little changed Wednesday after a rally prompted by the Federal Reserve's latest economic stimulus program fizzled out.
The Dow Jones industrial average closed down 2.99 points at 13,245.45. It had risen as much as 81 points after the Fed said earlier in the day that it would extend a bond-buying plan and keep interest extremely low.
The S&P finished 0.64 points higher at 1,428.48. The Nasdaq composite was down 8.49 points at 3,013.81.
The Fed said it will keep spending $85 billion a month on bond purchases to drive down long-term borrowing costs and stimulate economic growth. Of that amount it will spend $45 billion on long-term Treasury purchases to replace a previous bond-buying program of equal size.