MARKET SNAPSHOT: U.S. Stocks Edge Higher After Statement

By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks edged higher after the Federal Reserve announced no changes to its policy of tapering monthly bond purchases by $10 billion. The Fed officials expect to raise short-term interest rates a bit faster in 2015 and 2016 than previously forecast, however.

The S&P 500 (SPX) added 6 points, or 0.3%, to 1,947.81. The Dow Jones Industrial Average (DJI) rose 22 points, or 0.1% to 16,930.33. The Nasdaq Composite (RIXF) gained 5 points, or 0.1%, at 4,342.94.

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Kate Warne, investment strategist at Edward Jones, said she doesn't expect a change in the Fed's policy, which includes a steady reduction in its bond-buying program.

"Even the 2.1% inflation rate is still within the Fed's target and they are not likely to act on it. The Fed would be more concerned not to tighten too soon, they would need more evidence of accelerating recovery in the labor market," she added.

The Federal Open Markets Committee wrapped up the second day of its meeting and released a statement, which remained similar to the previous one. Fed chair Janet Yellen is to begin a press conference at 2:30 Eastern.

* In corporate news, Amazon.com Inc. Chief Executive Jeff Bezos is expected to unveil its first smartphone at an event in Seattle, and speculation is that the device will feature 3-D capabilities. Amazon shares rose 1.8%.BlackBerry Ltd. shares rose 3.4% after the company announced a partnership with Amazon on Wednesday. that would give the smartphone maker access to Amazon's Appstore. Shares of FedEx Corp. rose 3.8% after the parcel delivery company's quarterly earnings and sales topped analysts' expectations.Adobe Systems Inc. leapt 9.6% after the company late Tuesday reported better-than-expected adjusted earnings.But La-Z-Boy Inc. shares slid 9% as the furniture maker's fourth quarter same-store sales fell 0.9%, compared with a 11.2% rise in the fourth quarter of last year.ConAgra Foods Inc. shares declined 5.8% after the packaged-food company said fiscal fourth-quarter earnings will miss expectations, as volume in its consumer foods segment declined 7% and its private brands unit posted weak profits.

* In overseas markets, Japanese stocks rose, outperforming other benchmarks throughout the region. European stocks clung to thin gains ahead of the Fed decision. Minutes from the Bank of England's meeting earlier this month, released Wednesday, signaled policy makers are moving closer to raising U.K. rates before year's end.

* Among commodities, gold for August delivery ticked down $1 to $1,270.6 an ounce. Crude oil futures added 39 cents to $106.75.

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