Stocks dipped on Wednesday after the Federal Reserve said the pace of economic recovery was preceding more slowly than it had expected, though primarily because of temporary factors.

The Dow Jones industrial average <.DJI> was down 22.67 points, or 0.18 percent, at 12,167.34. The Standard & Poor's 500 Index <.SPX> was down 1.42 points, or 0.11 percent, at 1,294.10. The Nasdaq Composite Index <.IXIC> was down 3.59 points, or 0.13 percent, at 2,683.67.

(Reporting by Ryan Vlastelica; Editing by Jan Paschal)