New York -- U.S. markets dropped Wednesday after gaining early as investors waited for the Federal Reserve's afternoon announcement on monetary policy.
Expectations were high the Fed will announce a limited round of bond purchases. But how much of a boost that would give markets, if any, remains to be seen. When investors anticipate a beneficial policy decision, they often make adjustments ahead of the actual announcement.
In early afternoon trading, the Dow Jones industrial average lost 22.93 points, 0.2 percent to 11,165.79. The Standard & Poor's 500 index fell 0.28 percent, 3.29, to 1,190.28. The Nasdaq composite index shed 0.34 percent, 8.53, to 2,524.99.
The benchmark 10-year Treasury note gained 16/32 to yield 2.536 percent.