NEW YORK (AP) - Stocks closed a little lower after the Federal Reserve's economic update failed to give investors much to get excited about.
The Fed said it will continue its effort to keep long-term interest rates low. Investors liked that. But the Fed also said it's seeing high unemployment and a depressed housing market.
Consumer products maker Procter & Gamble Co. said demand is slowing. Sales of its products, which include Tide detergent and Duracell batteries, are a good window into the economy.
The Dow Jones industrial average closed down 13 points at 12,824 Wednesday. The Standard & Poor's 500 fell two points to close at 1,356. The Nasdaq gained a fraction of a point to close at 2,930.
Rising and falling stocks were evenly split. Volume was average at 3.8 billion shares.
The Associated Press