Stocks mixed ahead of Federal Reserve annoucements

NEW YORK (AP) — Stocks were mixed in morning trading today as investors waited to hear what Federal Reserve Chairman Ben Bernanke 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. The Federal Reserve’s policy-setting committee will release a statement this afternoon, and Bernanke will follow with a press conference.

Investors are waiting to hear if Bernanke still thinks the slowdown is temporary. Bernanke has said he expects the economy to pick up later in the year after the effects of Japan’s March 11 earthquake and higher gasoline prices recede.

The Standard & Poor’s 500 index edged down 1 point, or 0.1 percent, to 1,294 in morning trading. The Dow Jones industrial average fell 7 points, or 0.1 percent, to 12,181. The Nasdaq composite index fell 2 points to 2,684.

FedEx Corp. reported a 33 percent jump in income and said it expects global economic growth to continue. The package delivery company’s stock rose 2 percent.

Analysts consider results from FedEx and its rival UPS Corp. important indicators for the broader economy because they ship orders for all kinds of businesses including small companies and international conglomerates.

CarMax Inc. rose 7.7 percent, the biggest gain in the S&P 500 index. The dealership owner said profit rose 25 percent on higher used-vehicle prices.

In Greece, the new government narrowly won a vote of confidence. That may help it push through budget cuts and other austerity measures that it needs to secure more emergency loans.

The cash will help the country at least delay a default on its debt, an event that would hurt banks and the European economy. Worries about a Greek default have weighed on global financial markets since May.

The S&P 500 jumped 1.3 percent Tuesday on hopes the Greek government would win the confidence vote, extending the market’s rally to four days. It was the index’s longest winning streak since May.