Money World economy
An early advance in stocks stalled Wednesday as the Federal Reserve reminded investors that it would start to wean the economy from an array of emergency supports next year.
Investors knew several of the programs would be dismantled in 2010, but the added detail about the Fed's plans as well as lingering concerns about inflation tugged at the market. Stocks finished little changed.
The prospect of an eventual increase in interest rates and an improving economy injected some strength into the dollar, which has been on a general decline for about nine months. A rising dollar can weigh on stocks because it cuts into the profits of companies
that do business overseas.
Most stocks rose for the day, though the Dow Jones industrials slipped 11 points. Broader indexes gained but ended off of their highs.
The modest moves came as the Fed said it would leave interest rates near zero, as expected, but officials also noted that weakness in the job market is "abating." Fed governors made the assessment following a two-day meeting on interest rates.
The Dow Jones industrial average fell 10.88, or 0.1 percent, to 10,441.12, after rising as much as 58 points. The broader Standard & Poor's 500 index rose 1.25, or 0.1 percent, 1,109.18. It is up 22.8 percent for the year. The Nasdaq composite index rose 5.86, or 0.3 percent, to 2,206.91.
The dollar pared an early slide after the Fed said it would begin to wrap up some of its emergency measures. Gold climbed, while crude oil jumped $1.97 to $72.66 per barrel on the New York Mercantile Exchange.
