S&P 500 turns slightly higher after Fed statement

U. S. stocks were buoyed modestly after the Federal Reserve announced, as expected, it would begin tapering its monthly bond purchases, while sticking to its description of inflationary pressures as transitory.

Stocks were mostly a shade lower ahead of the Fed announcement, with the S&P 500 SPX, 0.56% now up 0.1% at 4,637 and the tech-heavy Nasdaq Composite up 0.4% at 15,716.

The Dow Jones Industrial Average DJIA, 0.24% remained slightly lower, down 78 points, or 0.2%, near 35,975. All three indexes closed at records yesterday.