US STOCKS-Dow, S&P dip after Fed; Apple lifts Nasdaq

* Fed leaves rates unchanged, Obama’s speech on tap

* Apple climbs after iPad’s debut

* Dow down 0.1 pct, S&P off 0.1 pct, Nasdaq up 0.2 pct

* For up-to-the-minute market news, click [STXNEWS/US]
(Updates to late afternoon, changes byline)

By Chuck Mikolajczak

NEW YORK, Jan 27 (BestGrowthStock) – The Dow and the S&P 500
slipped on Wednesday after the U.S. Federal Reserve said it
will keep interest rates near zero and investors remained
cautious before President Barack Obama’s State of the Union
address tonight.

But the Nasdaq received a modest boost from a gain of 0.5
percent in the shares of Apple Inc (Read more about Apple stock future.) (AAPL.O: ) after the iPad’s

The Fed vowed to keep rates near zero for a while in an
effort to continue an economic recovery held back by high
unemployment, although it did adopt a somewhat brighter tone
from its December meeting. For details, see [ID:nN27180815]

“They kicked the can down the road and did exactly what we
thought they would do — reiterate things are getting better,
but not nearly ready … to increase rates,” said Burt White,
managing director and chief investment officer of LPL Financial
in Boston.

“The State of the Union, Bernanke’s reconfirmation and GDP
numbers on Friday, people are just waiting on the sidelines for
those things to come through.”

The Dow Jones industrial average (.DJI: ) dipped 13.60
points, or 0.13 percent, to 10,180.69. The Standard & Poor’s
500 Index (.SPX: ) edged down 0.55 of a point, or 0.05 percent,
to 1,091.62. But the Nasdaq Composite Index (.IXIC: ) gained 4.97
points, or 0.23 percent, to 2,208.70.

Apple shares rose 0.5 percent to $206.92, reversing course
from a drop of more than 3 percent earlier in the session after
it unveiled its iPad tablet computer. [ID:nN27204491]

The U.S. president’s first State of the Union address is
scheduled to be broadcast live, beginning at 9:00 p.m. tonight.
(0200 GMT)

Stock Research

(Reporting by Chuck Mikolajczak; Editing by Jan Paschal)
([email protected]; +1 646 223 5234;
Messaging:rm://Charles.mikolajczak.reuters[email protected]))

US STOCKS-Dow, S&P dip after Fed; Apple lifts Nasdaq