Stocks waver ahead of crucial Fed, ECB meetings

Associated Press
Trader William McInerney, center, works on the floor of the New York Stock Exchange Tuesday, July 31, 2012.  U.S. stocks are opening mostly lower ahead of a two-day policy meeting at the Federal Reserve. (AP Photo/Richard Drew)

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NEW YORK (AP) — Stocks were wavering as investors held back ahead of three critical events this week: policy meetings at both the Federal Reserve and the European Central Bank and a closely watched report on the U.S. labor market.

Major stock indexes shifted between small gains and losses in thin trading. The Dow Jones industrial average was up seven points at 13,066 as of noon. The S&P 500 index edged up less than a point to 1,385, and Nasdaq composite index was up 8 at 2,953.

The Federal Reserve, which started its two-day policy meeting Tuesday, appears to be moving toward announcing some kind of new step to energize the U.S. economy. But there were big questions over whether it will do so this week.

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