US stocks are stuck in a tight range as traders wait for Fed policy statement; Facebook slumps

NEW YORK, N.Y. – Major U.S. stock indexes are trading in a tight range as investors waited for word from the Federal Reserve and mulled over a mixed batch of corporate earnings results.

The Standard & Poor’s 500 was flat at 1,985 as of 11:54 a.m. Eastern time Wednesday.

The Dow Jones industrial average rose 16 points, or 0.1 per cent, to 17,021. The Nasdaq composite fell 18 points, or 0.4 per cent, to 4,546.

Facebook slumped 6 per cent after its chief financial officer said that expenses for the social networking giant could rise sharply next year as it ramps up spending.

Investors are looking ahead to an announcement later Wednesday from the Fed’s policymaking committee for insight into when the central bank might start raising interest rates.