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Stocks edge lower as investors focus on the Fed
Stocks edge lower in advance of Fed news; bleak outlook from Procter & Gamble
By The Associated Press

Stocks are nearly flat at midday as investors look for direction from a Federal Reserve announcement expected Wednesday afternoon.

The Fed could keep buying long-term bonds to keep rates low. Failing that, it might signal that it's ready to act if the economy sputters. A statement from the Fed is expected at 12:30 p.m. Eastern Time.

Stocks hardly moved. A few minutes before noon, the Dow Jones industrial average was down 10 points at 12,827. The Standard & Poor's 500 index was down almost two points at 1,356. The Nasdaq composite index rose one point to 2,931.

Procter & Gamble, the world's largest consumer products maker, fell more than 3 percent after predicting continued slow growth in developed markets and China.

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