March 16 Reuters The SP 500 ended lower on Tuesday as investors awaited the result of the Federal Reserves twoday policy meeting.

The U.S. stock market lacked direction for much of the day after the SP 500 and Dow Jones Industrial Average closed at record highs in the prior session as optimism about a 1.9 trillion fiscal stimulus package and ongoing vaccination drives bolstered views that the economy was on a path to recovery.

At the same time, fears about an overheating economy and a recent increase in interest rates have increased scrutiny on the Feds twoday meeting, where policymakers are likely to raise economic forecasts and repeat their pledge to remain accommodative for the foreseeable future.

Apple Inc rose after Evercore ISI hiked its price target on the iPhone makers shares to the highest among analysts covering the company, according to Refinitiv data.

Wall Streets fear gauge hit a fiveweek low at 19.68 points. A midafternoon rise in the 10year Treasury yield to 1.62 nipped some enthusiasm for highgrowth stocks. The benchmark U.S. 10year Treasury hit a 13month high last week.

Investors have slightly increased their cash allocation, deeming that inflation and taper tantrums could topple the record rally in financial markets, BofAs March fund manager survey showed on Tuesday.

This Fed meeting is one of the most important ones for the market in a long time. It is the first we have had after the recent inflation rate rise and concerns about inflation, said…