(CNBC) — U.S. stocks wavered on Wednesday after a report had the economy growing more than expected in the second quarter and the Federal Reserve continued its course of tapering asset purchases while sticking with its ultra-easy monetary policy.
"The bulls look at the strength in the second quarter, and the skeptics say you're getting a lot of bounce back from first-quarter weakness. The question is how do things look in the third and fourth quarters, and the answer is we don't know. A lot hinges on the employment report on Friday," said Bruce McCain, chief investment strategist at Key Private Bank.
Treasuries rose, with the benchmark 10-year yield used to figure mortgage rates and other consumer loans surging 9 basis points to 2.55 percent.
Advertisement - story continues below