Stocks inch up ahead of Federal Reserve meeting
Tuesday, June 21, 2011
NEW YORK (AP) -- Stocks are inching higher as investors wait to hear what the Federal Reserve will say about the economic recovery.
The central bank is winding down a bond-buying program at the end of this month. The program was meant to support the economy. Fed Chairman Ben Bernanke will speak at a Wednesday afternoon press conference.
FedEx reported a 33 percent jump in income and said it expects global economic growth to continue. Analysts consider its results an indicator for the broader economy because it ships orders for all kinds of businesses.
The Standard & Poor's 500 is up 1 point, or 0.1 percent, to 1,297 in midday trading. The Dow Jones industrial average is flat at 12,190. The Nasdaq is up 2, or 0.1 percent, to 2,670.