US Stocks flat but Nasdaq outperforms as Fed meets

AFP, (31/7) -- US stocks closed mostly flat on Tuesday, except for Nasdaq's solid gain, as investors awaited the outcome of a Federal Reserve monetary policy meeting. The Dow Jones Industrial Average slipped 1.38 (0.01 percent) to 15,520.59. The broad-based S&P 500 added 0.63 (0.04 percent) at 1,685.96. The tech-rich Nasdaq Composite Index outperformed, advancing 17.33 (0.48 percent) to 3,616.47. The Dow and the S&P 500 drifted in and out of positive territory after Monday's losses, while the Nasdaq maintained gains throughout the quiet trading session. The action came as the Federal Reserve opened a two-day monetary policy meeting expected to provide no new direction but perhaps clues to the Fed's thinking on winding down massive stimulus. 'Typically, the stock and bond markets are calm during meeting days as traders  wait for the Fed's policy statement, scheduled for release at 2:00 pm (1800 GMT)  tomorrow,' said Fred Dickson, chief investment strategist at Davidson Companies. A weaker-than-expected reading on consumer sentiment offset a strong report on home prices in line with Wall Street estimates. The Conference Board's consumer confidence index fell to 80.3 in July from 82.1 in June.