Market Essentially Flat At Mid-Point, Awaiting The Fed's Move

At mid-day the Dow is up .38%, the NASDAQ is up .32% and S&P is .24%.

AP: Wall Street drifted in quiet trading Wednesday after its huge rally a day earlier, as investors awaited an afternoon decision on interest rates from the Federal Reserve. The major indexes alternated between gains and losses.

he market expects policymakers to lower the fed funds rate, which stands at 1.5 per cent, by a half point or three-quarters of a point, though there has been speculation that smaller or wider cuts are possible.

The only certainty is that Wall Street will pore over the Fed’s statement on its decision and its reading of the economy. That assessment, along with any move on rates themselves, could lead the market to retreat, rally or simply shrug off a move that it writes off as expected.

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