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Stocks drift to a mixed close after the Fed delivers no surprises with its latest stimulus cut

NEW YORK, N.Y. - U.S. stocks are closing mixed after the Federal Reserve said the economy was strengthening enough for the central bank to continue cutting its stimulus.

Bond yields rose Wednesday after the government reported that the U.S. economy grew at a robust annual rate of 4 per cent this spring.

Several companies fell after reporting results that disappointed investors. Genworth Financial sank 14 per cent and Goodyear fell 8 per cent.

The Standard & Poor's 500 index closed little changed at 1,970.

The Dow Jones industrial average lost 31 points, or 0.2 per cent, to 16,880. The Nasdaq composite rose 20 points, or 0.5 per cent, to 4,462.

Utility companies fell the most in the S&P 500 index.

Bond prices fell. The yield on the 10-year Treasury note rose sharply, to 2.56 per cent from 2.46 per cent.

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