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Stocks edge higher after Fed trims bond purchases

A street sign for Wall Street outside the

A street sign for Wall Street outside the New York Stock Exchange in Manhattan on July 16, 2013. The Fed will release its latest policy statement Wednesday, June 18, 2014, a two-day meeting. Investors expect more cuts to its economic stimulus. Photo Credit: AP / Mark Lennihan

Stocks are edging higher in afternoon trading after the Federal Reserve made its latest reduction to its bond purchasing program.

Noting that the U.S. job market was making further improvements, the Fed said it would cut another $10 billion from its monthly bond purchases. The decrease was in line with what investors were expecting.

The Dow Jones industrial average was up 12 points, or 0.1 percent, to 16,825 shortly after the Fed released its policy statement at 2 p.m. It was down about 20 points shortly before.

The Standard & Poor's 500 was up five points, or 0.3 percent, to 1,947. The index was little changed just before the Fed news was released.

Bond prices rose slightly. The yield on the 10-year Treasury note fell to 2.61 percent.

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