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NEW YORK (CNNMoney) -- U.S. stocks were mixed at Wednesday's open, as investors hoped the Federal Reserve would announce action to stimulate the economy when it wraps up its two-day meeting.
News that Greece has formed a coalition government was a step in the right direction, but the country still has a tough road ahead.
Dow Jones industrial average (INDU) slid 15 points, or 0.1%, the S&P 500 (SPX) shed 2 points, or 0.2% while the Nasdaq (COMP) added 1 point, or nearly 0.1%.
In a classic 'sell on the news' move, shares of The National Bank of Greece (NBG) slid 9% and Global X FTSE Greece 20 ETF (GREK) lost nearly 3%. Both stocks were up sharply over the past five days.
Greece has been a thorn in investors' sides for months, with fears about the country leaving the eurozone and the ripple effect on other sovereign nations sending global financial markets on a roller coaster ride.
But investors remain on edge ahead of the Fed's policy statement shortly after noon. There's been growing hope that Fed's Open Market Committee will announce plans to continue its so-called Operation Twist bond buying program, or some other type of stimulus at the close of its two-day policy meeting.
While such an announcement seemed unlikely a few months ago, the bleak recent jobs report in the United States, combined with weaker economic growth, have led observers to conclude that some type of Fed action is imminent. A move would likely provide a boost to U.S. stocks, at least in the short term.
The FMOC is due to release a statement at 12:30 p.m. ET, and Fed chair Ben Bernanke will hold a news conference at 2:15 p.m. ET.
CNNMoney's Fear & Greed index shows investors becoming less fearful, although the reading remains in "fear" territory. Just last week, the index had been in "extreme fear" territory.
U.S. stocks finished up about 1% Tuesday, as investors signaled hope for some Fed action.
World markets: European stocks were mixed in midday trading. Britain's FTSE 100 (UKX) rose 0.3% and the DAX (DAX) in Germany edged up 0.1%, while France's CAC 40 (CAC40) was down 3%.
Late Tuesday, European leaders at the G-20 meeting pledged to "take all necessary policy measures to safeguard the integrity and stability" of the euro.
But investors are hoping to hear more action from leaders at next week's two-day EU summit.
Asian markets ended mixed. The Shanghai Composite (SHCOMP) slid 0.3%, while the Hang Seng (HSI) in Hong Kong added 0.5% and Japan's Nikkei (N225) gained 1.1%.
Economy: The MBA Mortgage Index and data on crude inventories for the week of June 16 will be released Wednesday.
Companies: Shares of Dow component Procter & Gamble (PG, Fortune 500) fell in early trading as the maker of consumer products cut its sales and earnings guidance for the current quarter and the full year.
Shares of Adobe Systems (ADBE) dropped after the software maker lowered its guidance after Tuesday's close, citing "a weaker demand forecast in Europe."
La-Z-Boy (LZB)'s stock opened lower after the company beat expectations in releasing its quarterly earnings.
Jabil Circuit (JBL, Fortune 500) shares got a boost after the contract electronics manufacturer reported improved earnings in line with forecasts.
Currencies and commodities: The dollar was down against the euro and the British pound but up against the Japanese yen.
Oil for July delivery slid 68 cents to $83.35 a barrel.
Gold futures for August delivery dropped $20.00 to $1,603.30an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.65% from 1.62% late Tuesday.
-- CNN's Matthew Chance contributed
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