U.S. stocks pared losses on Wednesday as oil prices trimmed earlier losses and bank stocks advanced following reassuring comments from Bank of America chief executive.

Investors now focused on the outcome of the U.S. central bank's policy meeting, which will yield a statement at around 2:15 p.m. EDT.

With the Fed already having cut interest rates close to zero, attention is on whether the bank would commit itself to buying long-dated government debt as an additional measure to revive the economy.

The Dow Jones industrial average <.DJI> was down 58.86 points, or 0.80 percent, at 7,336.84. The Standard & Poor's 500 Index <.SPX> was down 1.42 points, or 0.18 percent, at 776.70. The Nasdaq Composite Index <.IXIC> was up 6.55 points, or 0.45 percent, at 1,468.66.

(Reporting by Ellis Mnyandu; Editing by Jan Paschal)