By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- Wall Street stocks swung wildly immediately after the release of the Federal Open Market Committee statement on Wednesday, but moved decidedly higher.

As expected, the Fed policymakers decided to continued to trim bond purchases by another $10 billion a month and left the key rates at zero, despite surprisingly grim economic growth in the first three months of the year.

The benchmark S&P 500 and the Dow Jones Industrial Average are on track to finish April roughly where they started it, while the Nasdaq Composite is set to record a loss.

The S&P 500 (SPX) was 3 points, or 0.3%, higher at 1,883.80 and on track to notch a 1.4% gain for the month.

The Dow Jones Industrial Average (DJI) added 29 points, or 0.2%, to 16,564.77, and at session high surpassed the highest closing level, reached on Dec 31, 2013. The blue-chip index is set to finish April with a 1.5% gain.

The Nasdaq Composite (RIXF) rose 8 points, or 0.2%, to 4,112.01. The selloff of biotech and Internet stocks during April is set to leave the index 1.1% lower for the month.

Follow MarketWatch's live blog of today's stock-market action.

Ahead of the opening bell, the GDP number came in much weaker than expected, while private-sector jobs growth topped estimates. Chicago's business gauge also jumped in April to the fastest pace in six months.

Bernie Williams, chief investment officer at USAA Investment Solutions, said further tapering, which will eventually run its course, is good because it means the economy is improving.

"We expect the economy to strengthen in the second half of the year and instead of summer 'soft patch' we think we will see a rebound which will help markets," he added.

Growth in the U.S. economy nearly ground to a halt in the first quarter, a bout of weakness spurred by one of the worst winters in years. Gross domestic product rose at an annual rate of just 0.1% from January through the end of March, the weakest performance in three years, according to a preliminary estimate by the Commerce Department. Economists surveyed by MarketWatch had forecast growth to slow to a seasonally adjusted 1% from a 2.6% clip in the final three months of 2013.

Private-sector hiring picked up in April, with employers adding the most jobs in five months, according to data released Wednesday morning.

Chicago PMI rebounded in April to the fastest pace in six months, according to the Chicago business barometer released Wednesday.

The results of the Fed's latest policy-setting meeting, in which the central bank is once again expected to reduce its bond-buying purchases, will be released at 2 p.m. Eastern. Read: Here's what to expect from Fed meeting

Twitter, eBay sell off after results

Twitter (TWTR) shares are down 10% after the microblogging company beat revenue forecasts, but disappointed with its average monthly users tally for end-March. Read a recap of Twitter's earnings call with analysts.

EBay (EBAY) shares fell 4.9%, after its first-quarter earnings topped expectations but its outlook was viewed as lackluster.

Facebook, Inc (FB) shares rose 2.3% after the social-media site introduced a new feature that allows users to log in anonymously in order to try out new apps. Facebook Chief Executive Mark Zuckerberg said the feature is about "giving people more power and control."

Shares of Panera Bread Co. (PNRA) fell 7% after the company's second-quarter outlook fell short of Wall Street estimates.

Ahead of the bell, WellPoint Inc. (WLP) reported adjusted first-quarter earnings above expectations with EPS coming in at $2.30, compared with estimates of $2.10. Shares rose 5.8%.

Time Warner Inc. (TWX)reported a higher profit, saying blockbuster hit "The Lego Movie" helped the company get off to a "strong start" for 2014. Shares added 2%.

Shares of Pepco Holdings Inc. (POM) surged 17% to $26.77 after Exelon Corp. (EXC) said it would buy the utility firm in an all-cash deal for $27.25 a share, valuing the company at about $6.83 billion.

Energizer (ENR) shares jumped 14% after the firm said it would split into two companies, one focused on household products and the other on personal care. The split is expected to be completed in 2015.

In overseas markets, European stocks dipped after inflation rose to 0.7% in April, but missed forecasts. In Asia, the Hong Kong Hang Seng Index fell 1.4% on disappointing bank earnings as a May 1 holiday looms.

Russian stocks were lower after the International Monetary Fund cut its economic growth forecast for the country and said it is in recession.

Crude-oil (CLM4) prices were under pressure, down $1.20, or 1.2%, to $100.09 a barrel. Gold was also lower, and the dollar was largely firmer, though it pulled back against the euro (EURUSD) after euro-zone inflation data.

More must-reads from MarketWatch:

Crashy Marc Faber: It's too late to buy U.S. stocks now

Why traders are watching the Russell 2000 and the small-cap index's ETF this week

Bill Gross on 'erotic' sneezes and a lower long-term policy rate

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