After Fed announcement, stocks turn lower

Associated Press
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Trader Bobby Finnerty, left, calls to a colleague on the floor of the New York Stock Exchange Wednesday, Aug. 1, 2012. Stocks are mostly higher in morning trading. (AP Photo/Richard Drew)

NEW YORK (AP) — After wavering all day, U.S. stocks are ending lower.

Stocks waffled between small gains and losses ahead of the Federal Reserve's policy statement at 2:15 p.m. The Fed said the economy is weakening, but it didn't promise any new action. Stocks turned downward after that.

The Dow Jones industrial average fell 33 points to 12,976. The Standard & Poor's 500 fell four to 1,375. The Nasdaq composite fell 19 at 2,920.

Early in the day, technical glitches at Knight Capital, which processes stock trades, sent some stocks swinging wildly. The New York Stock Exchange said it would cancel trades in six stocks that had unusual moves.

Three stocks fell for every two that rose on the New York Stock Exchange. Volume was heavier than usual at 4.3 billion shares.