U.S. stocks closed mixed Wednesday, amid sharp declines in Apple shares on disappointing earnings, as investors eyed the Fed statement.
The Dow Jones industrial average and S&P 500 held post-Fed gains to close slightly higher and within 2 percent of their all-time highs hit last May. ( Tweet This ) The Nasdaq composite closed well off lows but 7 percent below its 52-week intraday high and erasing gains for April so far. The index posted its first five-day losing streak since January 11.
Information technology closed 0.8 percent lower as the greatest decliner in the S&P as Apple fell more than 6 percent. Telecoms and energy led advancers. Facebook closed a touch higher ahead of its after-the-bell earnings report.
"It's really just earnings, earnings," said Myles Clouston, senior director at Nasdaq Advisory Services. He noted most investors did not expect the Fed to move at the conclusion of its two-day meeting Wednesday afternoon.