U.S. stocks were mixed on Tuesday as Federal Reserve policymakers kicked off a two-day interest rate meeting and investors braced for quarterly scorecards from Apple and Twitter.
Choppy stock trading followed a recent rally to consecutive record highs on the S&P 500 that has stretched price-to-earnings multiples to levels that some investors say presumes that companies will beat second-quarter estimates.
Five of the 10 major S&P sectors rose, while a 1.49 percent drop in the telecom services index .SPLRCL weighed heavily. Verizon Communications (VZ.N) fell 1.9 percent after subscriber numbers fell below estimates.
The Dow Jones industrial average .DJI dipped 0.1 percent to end at 18,473.75 and the S&P 500 .SPX edged up 0.03 percent to 2,169.18 after spending much of the day at a loss. The Nasdaq Composite .IXIC added 0.24 percent to 5,110.05.
Asian stocks edged up early on Wednesday following a relatively upbeat session overnight for U.S. and European stocks, with caution ahead of the Federal Reserve's policy decision capping gains.
The safe-haven yen sat atop large gains as hopes for a large fiscal stimulus package out of Japan faded.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.1 percent.
Reference: Reuters
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