Stocks meander as traders wait on Fed Reserve update

NEWYORK— On the stock market Tuesday, it felt like late-summer inertia had already set in.

U.S. stocks wandered between the tiniest of gains and losses before closing mixed. Traders were indecisive as companies releasing mixed earnings news, and many were disinclined to make any big moves before getting direction from the Federal Reserve, which is scheduled to release an updated policy statement Wednesday.

It was reminiscent of a typical latesummer day on the stock exchange, when many traders take off for vacation and fewer stocks trade hands. The Dow Jones industrial average rose as much as 72 points in early trading — less than 0.5 percent — before flickering lower. It dipped into the red for most of the afternoon and closed down 1.38 points, or 0.01 percent, at 15,520.59.

“It seems like the doldrums of summer have set in,” said Dave Abate, senior wealth adviser at Strategic Wealth Partners in Seven Hills, Ohio.

The Nasdaq composite rose 17.33 points, or 0.5 percent, to 3,616.47, though even that gain was largely because Apple, its biggest component, was up more than 1 percent.

The Standard & Poor’s 500 index plodded just a fraction higher, up 0.63 point, or 0.04 percent, to1,685.96. Three of its industry sectors rose, led by technology stocks. Seven fell, dragged down by telecommunications companies.

Company earnings were inconclusive. Coach, the maker of upscale handbags, slumped 8 percent after reporting lower quarterly profit. But Goodyear Tire & Rubber jumped 9 percent after reporting that its quarterly earnings had doubled.