Stocks little changed after Fed announcement

NEW YORK -  

The Federal Reserve didn't say anything to change investors' minds.

Shortly after the Fed's closely watched afternoon announcement, stocks were down about the same amount they'd been down throughout the morning.

The Fed said it will extend efforts to keep long-term interest rates low. That was essentially what investors were expecting.

Shortly after the announcement, the Dow Jones industrial average was down 39 points at 12,799. The Standard & Poor's 500 index fell five points to 1,353, and the Nasdaq composite index fell almost four points to 2,926.

That's about the same as before the Fed's announcement. Stocks did dip further immediately after the announcement, but then recovered.

Yields on long-term Treasury bonds fell investors anticipated that the Fed will step up its purchases of them.