Stocks lower with investors flummoxed over Fed

NEW YORK -- Wall Street has given up a big gain and closed lower after the Federal Reserve cut interest rates by a quarter point but left investors guessing about its next move.

The Dow Jones industrial average, momentarily soaring above 13,000 for the first time since early January, has closed down about 12 points at the 12,819 level.

The Fed's statement Wednesday made it clear the central bank is less worried about economic growth than when it met in March. What's less clear is whether the Fed is confident enough about the economy to make controlling inflation a top priority.