Stocks were little changed on Wednesday, recovering from morning losses after a report suggested a European rescue plan for debt-burdened Greece may be presented this week.

The French daily Le Monde wrote that France and Germany were set to present a plan at a European Union summit on Thursday that was aimed at preventing Greece from going bankrupt, quashing fears that a plan would not be ready soon.

Stocks initially fell after Federal Reserve Chairman Ben Bernanke gave his most detailed description to date of how the Fed aims to dismantle the extensive emergency supports it put in place to bolster the economy.

A lot of concern about the Ben Bernanke headlines earlier about raising the discount rates are starting to subside as people are viewing that less and less as a policy change as far as tightening is concerned, said Dave Lutz, managing director at Stifel Nicolaus in Baltimore.

The Dow Jones industrial average was down 3.10 points, or 0.03 percent, at 10,055.54. The Standard & Poor's 500 Index was down 0.58 points, or 0.05 percent, at 1,069.94. The Nasdaq Composite Index was down 1.54 points, or 0.07 percent, at 2,149.33.

Sprint Nextel Corp sank 8.8 percent to $3.33 after it reported quarterly revenue that missed Wall Street's consensus forecast. Wyndham Worldwide Corp gained 5.2 percent after its earnings beat expectations and it tripled its dividend.

Dow component Walt Disney Co fell 0.8 percent to $29.61 a day after it reported its first-quarter results.

Low volume made the market more susceptible to large movements, with some players absent because of the heavy snowfall in the U.S. East Coast.

(Additional reporting by Caroline Valetkevitch; Editing by Padraic Cassidy)