Stock market slips ahead of Fed announcement

NEW YORK (AP) — Stock indexes are slipping in midday trading on Wall Street as investors wait for the latest news from the Federal Reserve.

The Dow Jones industrial average and the Standard & Poor's 500 index edged below the record levels they set the day before. The Dow was down 28 points, or 0.2 percent, at 15,653 as of noon Eastern time Wednesday.

The S&P 500 was down four points, or 0.2 percent, at 1,767. The Nasdaq composite was down 12 points, or 0.3 percent, at 3,939. The Federal Reserve releases a policy statement later Wednesday following a two-day meeting. Economists expect the Fed to maintain its $85 billion in monthly bond purchases to support the economy.

Hess, Western Union and Aflac fell after reporting lower earnings.

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