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Wall Street opens lower ahead of Fed meeting


    NEW YORK (Reuters) - Stocks opened lower on Wednesday as investors were cautious about the direction the Federal Reserve would take to deal with renewed weakness in the economy.

    The Dow Jones industrial average was down 49.57 points, or 0.41 percent, at 12,140.44. The Standard & Poor's 500 Index dipped 4.99 points, or 0.39 percent, at 1,290.53. The Nasdaq Composite Index took off 10.39 points, or 0.39 percent, at 2,676.87.

    The U.S. Fed is holding a policy meeting Wednesday, followed by Federal Reserve Chairman Ben Bernanke's news conference. A statement from the Federal Open Market Committee is due at 12:30 p.m. EDT, with Bernanke's press conference at 2:15 p.m. EDT.

    (Reporting by Ryan Vlastelica)