Wall Street mixed as focus shifts to taper decision

U.S. shares and major indexes traded mixed in a narrow range on Wednesday as investors begin to digest the Federal Reserve’s withdrawal of its pandemic-era support, while Activision Blizzard slid on a leadership change.

Six of the 11 major S&P sectors fell, with energy and industrials declining the most. The banking sub-index was down 0.4%. The U.S. central bank announced the tapering of its $120 billion-a-month asset purchase program in its policy statement.

Wall Street has largely shrugged off concerns around rising price pressures and mixed economic growth, boosted by a Q3 earnings season and an upbeat commentary about growth going forward that drove U.S. stocks to record highs this week.