US STOCKS-S&P 500 nearly flat as investors digest Fed statement

miércoles 30 de julio de 2014 15:31 GYT

* Fed reduces asset purchases, upgrades economy assessment

* GDP shows stronger economic growth than expected in Q2

* Dow down 0.3 pct, S&P down 0.1 pct, Nasdaq up 0.3 pct (Updates to late afternoon)

By Caroline Valetkevitch

NEW YORK, July 30 (Reuters) - The S&P 500 was near flat on Wednesday after the Federal Reserve gave a rosier assessment of the U.S. economy while reaffirming that it is in no hurry to raise interest rates.

The central bank also, as expected, reduced its monthly asset purchases to $25 billion from $35 billion.

Among the biggest positives were financial shares, with the S&P financial index up 0.4 percent, helping to support the S&P 500. Shares of Wells Fargo gained 1.1 percent to $52.09.

"We got the taper as expected, and the real viewpoint of the committee is they can keep monetary policy accommodative even after we reach our inflation and employment goals," said Art Hogan, chief market strategist at Wunderlich Securities in New York.

The Dow Jones industrial average fell 43.57 points, or 0.26 percent, to 16,868.54, the S&P 500 lost 1.69 points, or 0.09 percent, to 1,968.26, and the Nasdaq Composite added 14.38 points or 0.32 percent, to 4,457.08.   Continuación...