Weakness in consumer stocks highlighted trading, while JPMorgan Chase moved ahead on a rare bit of good news regarding the $2 billion it lost in a much-examined trade gone wrong.

Disappointing news from Dow component and market leader Procter & Gamble limited gains, while consumer staples, utilities and industrials pulled down the S&P 500, where financials were the best performers.

P&G forecast that annual earnings for its coming fiscal year would be either flat or up by a mid-single digit percentage amount, with underlying sales set to show a 2 to 4 percent increase.

Walgreen faded as well on news that the pharmacy chain will spend $6.7 billion to purchase nearly half of Alliance Boots, a European pharmacy giant.

Historically speaking, Fed meetings have been positive for the market, at least since the dawn of the financial crisis in 2008.

The Standard & Poor's 500 has gained an average 0.74 percent on Fed days since the central bank began its zero interest rate policy.

JPMorganled gainers on the Dow industrials, with the bank rising on a CNBC report that it had sold off up to 70 percent off the positions that helped incur the losses of the so-called London Whale trades.

Cisco also was a strong performer on the bluechip index, gaining after BMO Capital Markets raised its price target for the networking company.