Stocks Closed Mixed after Fed Statement

U.S. stocks finished little changed on Wednesday, after the Federal Reserve gave no hint that a reduction in the pace of its bond-buying program is imminent. The Dow Jones Industrial Average fell 21.05 points, or 0.14%, to 15,499.54. The S&P 500 Index lost 0.23 point, or 0.01%, to 1,685.73. The Nasdaq Composite advanced 9.90 points, or 0.27%, to 3,626.37.

The Federal Reserve said Wednesday that the U.S. economy is growing only modestly, a downgrade from its June assessment. The Fed expects growth will pick up in the second half of the year, but the more cautious message may be a signal that it’s not ready to slow its bond purchases soon.

Commercial lender CIT Group Inc (CIT) has abruptly stopped supporting deliveries from smaller manufacturers to J.C. Penney Co Inc (JCP), the New York Post reported on Wednesday, citing a source familiar with the situation.

Herbalfe Inc. (NYSE:HLF) shares jumped 7% on news that billionaire investor George Soros has taken a large long position in the firm, according to a report in CNBC.

EHealth Inc.’s big breakthrough came Wednesday in the form of a long-awaited critical government contract that sent the online health insurance broker’s shares skyrocketing by 20%.