Stocks Yawn as Fed Meets

Updated with final closing stock prices

The major stock indices in New York were little moved in either direction Tuesday as Wall Street looked past news on Boeing(BA Quote) and existing-home sales data in anticipation of Federal Reserve commentary.

The Dow Jones Industrial Average fell 16.1 points, or 0.2%, to 8322.91, as Boeing shares fell 6.5% after postponing the first flight of the 787 Dreamliner. The S&P 500 climbed 2.06 points, or 0.2%, to 895.1, while the Nasdaq edged down 1.27 points, or 0.07%, to 1764.92.

Crude oil , which tumbled $2.62 to start the week, rebounded by $1.74 to $69.24.

The major indices kicked off the week Monday with steep losses after the World Bank forecast a greater-than-expected contraction in the world economy for 2009. Market watchers are at odds over whether the pullback, which extended losses from last week, was the beginning of a market correction or simply another dip that will be approached as a buying opportunity.

Wall Street is now anxiously awaiting the wrap-up of the Federal Reserve's Federal Open Market Committee meeting, which began on Tuesday. The concluding statement, released Wednesday afternoon, will be closely watched for any insight into the Fed's plans to wind down or continue market relief measures and also for any changes to its economic outlook. The Fed is expected to keep the fed funds rate around 0%.

The Treasury Department's $40 billion auction of two-year notes Tuesday, one of a series of auctions to help fund various measures, produced a strong response. Longer-dated Treasury yields were falling thereafter, with the 10-year gaining 14/32 to yield 3.62%, and the 30-year up 1-08/32, yielding 4.36%.