By Caroline Valetkevitch
NEW YORK (Reuters) - U.S. stocks were near flat on Tuesday as investors became cautious ahead of the Federal Reserve's policy decision, while a historic U.S.-North Korea summit failed to impress investors.
The Fed is widely expected to raise interest rates for the second time this year, when it concludes its policy meeting on Wednesday.
With borrowing costs returning to more normal levels, investors are focused on how the Fed characterizes its monetary policy, while looking for hints if it would move to raise rates three or four times this year.
"There's a little bit of hesitancy going into the Fed meeting. People are unsure what the Fed is going to say," said Robert Pavlik, chief investment strategist, senior portfolio manager at SlateStone Wealth LLC in New York.
"I don't think they're going to say anything particularly related to a rate hike in December. If they say a little too much about inflation, that's going to give the market a reason to get concerned."
President Donald Trump and North Korean leader Kim Jong Un pledged to work towards complete denuclearization of the Korean peninsula, but their joint statement gave few details on how the goal would be achieved.
At 3:05 p.m. ET, the Dow Jones Industrial Average <.DJI> fell 45.77 points, or 0.18 percent, to 25,276.54, the S&P 500 <.SPX> gained 0.03 points, or 0.00 percent, to 2,782.03 and the Nasdaq Composite <.IXIC> added 22.66 points, or 0.3 percent, to 7,682.59.
Declining issues outnumbered advancing ones on the NYSE by a 1.17-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favoured advancers.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)