Spain's Debt Downgraded Too, Market Waits for Fed Statement

Stocks bobbed in and out of negative territory Wednesday after the S&P downgraded its debt rating on Spain. This follows downgrades on Greece and Portugal, which sparked a selloff in the prior session.

Today's downgrade initially sent stocks lower but it wasn't the bloodbath of the prior session and the Dow and S&P actually moved back into positive territory. Helping to asuage the market's concerns were details of a bailout plan for Greece helped assuage the market's concerns.

And traders will be waiting to see what the Fed says, with a statement due out at 2:15pm ET today following a two-day policy meeting.