The stock market was little changed on Wednesday after the Federal Reserve raised its assessment of the nation's economy while reiterating it was in no hurry to increase interest rates.
The central bank also, as expected, cut its monthly asset purchases to $25 billion from $35 billion.
"We got the taper as expected and the real viewpoint of the committee is they can keep monetary policy accommodative even after we reach our inflation and employment goals," said Art Hogan, chief market strategist at Wunderlich Securities.
That suggests "we are going to start raising rates but it's going to be some time in the first half of 2015 and that is consensus — and consensus gets you a market that rallies," Mr. Hogan said.
Interactive Feature | S.&P. 500-Stock Index
The Dow Jones industrial average fell 31.75 points, or 0.19 percent, to close at 16,880.36, according to preliminary figures. The Standard & Poor's 500-stock index edged up 0.12 of a point, or 0.01 percent, to 1,970.07. The Nasdaq composite index gained 20.20 points, or 0.45 percent, to 4,462.90.
The Dow and the S.&P. 500 both briefly traded higher after the Fed's statement.
Financial shares bounced, with the S.&P. financial index helping to support the S.&P. 500. Shares of Wells Fargo gained 1.1 percent to $52.10.
Biotechnology stocks lifted the Nasdaq for a second day. The Nasdaq biotech index gained 1 percent after Amgen posted better-than-expected earnings and raised its outlook, sending shares up 5.4 percent to $130.01.
Among other big gainers, Twitter surged 20 percent to $46.30 after reporting that monthly active users rose a better-than-expected 24 percent in the second quarter.
Earlier Wednesday, government data showed gross domestic product grew at a 4 percent annual rate in the second quarter, above the 3 percent rate that had been expected and a sharp reversal from the weather-impacted first quarter, when the economy contracted a revised 2.1 percent.
Separately, the ADP National Employment Report showed companies hired 218,000 workers in July, below analysts' projections and less than June's total.
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