Stocks drop ahead of Federal Reserve meeting



NEW YORK (AP) — Stocks are falling in early trading as investors wait to hear what Federal Reserve Chairman Ben Bernanke says about the economic recovery.

The Fed is winding down a bond-buying program at the end of this month. The program was meant to support the economy. Bernanke will hold a press conference later Wednesday.

FedEx rose after reporting a 33 percent jump in earnings. The package company expects global growth to continue.

The S&P 500 index is down 3 points, or 0.2 percent, to 1,293.

The Dow Jones industrial average is down 38, or 0.3 percent, at 12,152. The Nasdaq is down 8, or 0.3 percent, at 2,680.

In Greece, the government narrowly won a confidence vote that may help it win austerity measures needed to secure more emergency loans.