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Wall Street pares gains after Fed outlook


    NEW YORK (Reuters) - Stocks briefly pared gains on Wednesday after the Federal Reserve cuts its 2009 forecast for gross domestic product and raised its unemployment rate outlook, tempering the recent optimism that the economy might be turning the corner.

    The release of the Fed's outlook coincided with the publication of minutes from its recent policy-setting meeting.

    The Dow Jones industrial average gained 30.42 points, or 0.36 percent, to 8,505.27. The Standard & Poor's 500 Index gained 5.70 points, or 0.63 percent, to 913.83. The Nasdaq Composite Index gained 11.19 points, or 0.65 percent, to 1,745.73.

    (Reporting by Ellis Mnyandu; editing by Jeffrey Benkoe)