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

MarketsAssociated Press

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.

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

Facebook slumped 6 percent 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.