Wall Street wavers ahead of Fed meeting

Wall Street wavers ahead of Fed meeting

September 10th, 2012 by Associated Press in Local - Breaking News

PALLAVI GOGOI, AP Business Writer

NEW YORK - Stocks are bouncing between small gains and losses on Wall Street as troubling economic news from China outweighed optimism about more stimulus from the Federal Reserve.

The Dow Jones industrial average was up six points at 13,314 at 11:45 a.m. Eastern time Monday. The Standard & Poor's 500 slipped half a point to 1,437 and the Nasdaq composite fell 12 points to 3,124.

The stumble marks a pause in a rally last week that took the Dow and the S&P 500 to their highest levels in more than four years.

Stock markets rose last week after the European Central Bank announced a long-anticipated plan to support struggling countries in the European Union. Investors are also more hopeful that the Fed will act this week to support the U.S. economy.