Major stock indexes traded in a tight range as investors waited for word from the Federal Reserve and mulled over a mixed batch of corporate earnings results.
KEEPING SCORE: The Standard & Poor's 500 was down one point to 1,984 as of 12:02 p.m. Eastern time. The Dow Jones industrial average rose eight points, a fraction of a percent, to 17,013. The Nasdaq composite fell 18 points, or 0.4 percent, to 4,546.
FACEPLANT: Facebook lost 6 percent after its chief financial officer said that expenses for the social networking giant could increase by as much as 75 percent next year as it ramps up spending on investments. Its stock dropped $4.75 to $75.99.
EXPLOSION IN THE SKY: Orbital Sciences Corporation sank following news that its Antares rocket exploded moments after lifting off from its launch pad on Tuesday. The rocket was carrying a supply ship for astronauts on the International Space Station, part of Orbital's contract with NASA. Orbital's stock plunged $4.55, or 15 percent, to $25.81.
FED WATCHING: Investors around the world are looking ahead to Wednesday's announcement from the Fed's policymaking committee for insight into when the central bank might start raising interest rates. The Fed is also winding down its $4 trillion bond-buying program, known as quantitative easing, or QE for short. Some question whether the U.S. economy and stock market will flounder without the Fed's stimulus program.
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