Stocks fell in a volatile session on Wednesday after the Federal Reserve downgraded its assessment of the economic recovery as it vowed to keep cheap money flowing.

The S&P and Nasdaq ended lower while the Dow industrials finished slightly up. Based on the latest available figures, the Dow Jones industrial average <.DJI> gained 4.92 points, or 0.05 percent, to 10,298.44. The Standard & Poor's 500 Index <.SPX> dropped 3.27 points, or 0.30 percent, to 1,092.04. The Nasdaq Composite Index <.IXIC> dropped 7.57 points, or 0.33 percent, to 2,254.23.

(Reporting by Edward Krudy; Editing by Kenneth Barry)