Wall Street ends flat ahead of U.S. Fed's policy meeting

U.S. stocks closed little changed Friday to wrap up the week lower,China visa application as investors were awaiting the Federal Reserve's closely-watched policy meeting next week.The Dow Jones Industrial Average rose 15.93 points, or 0.10 percent, to 15,755.36. The S&P 500 edged down 0.18 point, or 0.01 percent, to 1,775.32. The Nasdaq Composite Index gained 2.57 points, or 0.06 percent, to 4,000.98.The blue-chip Dow and broader S&P 500 dropped for two weeks in a row, down 1.7 percent and 1.6 percent, respectively. The tech- rich Nasdaq also declined 1.5 percent.The major indices staged a volatile trading session as investors weighed factors such as the timing of the Fed's first reduction in its quantitative easing.Most traders expressed their optimism at the beginning of this month over the market performance in the holiday season. December is broadly considered one of the best months in a year based on historical data.However, a string of key data coming out above market consensus in the past two weeks hinted at a possible tapering in the Fed's upcoming meeting scheduled for Dec. 17-18, weighing on the stock market recently.Vintage tubsOn the economic front, the U.S. Producer Price Index (PPI) fell for the third consecutive month in November, reported the Labor Department Friday. Data showed the seasonally adjusted PPI for finished goods lost 0.1 percent in November, following a 0.2- percent decline in October. 

A lack of inflationary pressure could give the Fed pause as it mulls the future of its monthly asset purchases.In the meantime, U.S. House of Representatives on Thursday approved a two-year budget plan crafted by bipartisan negotiators, a further step towards removing the threat of a government shutdown early next year. The bill now heads to the Democrat-led Senate with a vote expected next week.An easing fiscal restraint could comfort top Fed officials when they decide to moderate the pace of its asset purchases soon.JPMorgan Chief U.S. Equity Strategist Thomas Lee said Friday in a research report that they remain constructive on U.S. equities next year. He predicted the S&P 500 may climb to 2,075 points by the end of 2014, citing reasons including accelerating profit growth, supportive monetary policy and potential upside surprise to U.S. economic growth.On other markets, the U.S. dollar traded mixed against major currencies Friday amid speculations over the timing of the Fed's decision to taper the bond purchases.In late New York trading, the euro fell to 1.3734 U.S.Chefs Kitchen Knives dollars from 1.3746 dollars in the previous session. The greenback bought 103.22 Japanese yen, lower than 103.26 yen of the previous session.Oil prices also dropped. Light, sweet crude for January delivery lost 90 cents to settle at 96.6 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery moved up 16 cents to close at 108.83 dollars a barrel.Gold futures on the COMEX division of the New York Mercantile Exchange rebounded Friday on lukewarm economic data. The most active gold contract for February delivery rose 9.7 dollars, or 0. 79 percent, to settle at 1,234.6 dollars per ounce.