By msnbc.com news services
Updated at 12:30 p.m. ET: Stocks were struggling Wednesday, after the Federal Reserve said it would extended a monetary stimulus program designed to prop up the economic recovery.
Dubbed ?Operation Twist,? the program aims to depress borrowing costs by selling short-term bonds to buy longer-dated ones.
The Fed's monetary policy decision, which came at 12:30 p.m. ET, was widely expected.
Remarks from German leader Angela Merkel that Europe's bailout fund could be used to buy sovereign debt cheered investors somewhat.
In other news, Greek center-left parties are poised to back a conservative-led coalition but may keep their own political leaders from joining a government that faces grinding battles over the austerity demands of foreign creditors.
Related: Slowing economy could force Fed to take action
Europe won support from world leaders on Tuesday for an ambitious but slow-moving overhaul of the euro zone, even as pressure built in financial markets for quicker solutions to its debt crisis that threatens the world economy.
Procter & Gamble Co forecast annual earnings for its coming fiscal year would be between flat and up by a mid-single digit percentage amount, with underlying sales set to show a 2 to 4 percent increase.
Adobe Systems Inc dipped after the maker of Photoshop and Acrobat software cut its full-year revenue outlook as weak demand in Europe could affect sales of the recently launched versions of its popular design software.
PepsiCo said it sees unfavorable exchange rates hurting 2012 profit more than the maker of Frito-Lay snacks, Quaker oatmeal and Tropicana orange juice had previously expected.
Reuters contribute to this report.
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