Just as on most Fed decision days, the hours leading up to this afternoon's interest-rate announcement have been quiet and uneventful. The three major stock indexes were holding their ground in midday trading as investors remained hesitant to make big moves ahead of the rate announcement at 2 p.

Stocks held steady after the Federal Open Market Committee kept interest rates unchanged at its July meeting. The decision to hold the target range for the federal-funds rate between 4.25% and 4.5% was widely expected by market participants.