US STOCKS-Wall St cuts losses following Fed statement
* Fed statement points to economic weakness
* First-quarter GDP growth lower-than-expected
* Indexes down: Dow 0.2 pct, S&P 0.23 pct, Nasdaq 0.46 pct (Updates to after Fed statement)
By Caroline Valetkevitch
April 29 (Reuters) - U.S. stocks were down slightly on Wednesday after a Federal Reserve statement pointed to labor and other areas of U.S. economic weakness, suggesting it was in no rush to raise interest rates.
The central bank's policy statement puts it on track to begin a meeting-by-meeting approach toward deciding when to raise rates, which would be the first hike since June 2006.
"We all know the Fed would love to start normalizing rates, but the simple fact is, the data does not warrant that action right now," said Wayne Kaufman, chief market analyst at Phoenix Financial Services in New York.
Major indexes initially added to losses following the statement but then pared most of those declines to trade down slightly.
Earlier on Wednesday, data showed U.S. economic growth braked more sharply than expected in the first quarter as harsh weather put off shoppers and energy companies cut spending. Continuación...