US stocks finish mixed

Stocks finished a lackluster session narrowly mixed today as investors made few moves ahead of the Federal Reserve’s decision on interest rates.

Record earnings from Exxon Mobil Corp. and evidence of strong consumer spending gave the market little momentum.

Investors welcomed the Commerce Department’s latest report on consumer spending, which rose 0.9% in December.

Although personal incomes rose just 0.4%, the strong consumer spending bespoke of continued confidence in the economy despite high energy prices.

Yet the report also showed prices remaining in check – good news for investors concerned about inflation.

Despite that, many investors held off on making sharp moves before tomorrow’s Fed meeting.

The Fed is expected to raise interest rates by a quarter%age point to 4.5 percent, but Wall Street expects a signal that the central bank will stop hiking rates after that.

“It’s really a question of the economy and what the Fed’s going to do, and that’s not something you’re going to see a big move on in a single day,” said Bill Groenveld, head trader for vFinance Investments.

“Nothing’s giving us those big knee-jerk reactions, so you’re seeing things kind of wishy-washy today.”

The Dow Jones industrial average fell 7.29, or 0.07 percent, to 10,899.92.

Broader stock indicators were modestly higher. The Standard & Poor’s 500 index added 1.48, or 0.12%, to 1,285.20, and the Nasdaq composite index gained 2.55, or 0.11%, to 2,306.78.