US stock almost unchanged before Fed’s statement

US stock indexes remained almost unchanged after providing the longest winning streak since May 15 as China’s trade unexpectedly shrank and investors are focused on Federal Reserve’s June policy meeting.

The Standard & Poor’s 500 Index declined around 0.02% to 1,652.32 at 9:53 a.m. in New York. The index has piled 2.4% in the past four days as better-than-estimated employment data eased concern over a scaling back of Fed stimulus. Dow Jones Industrial Average

“Investor focus seems to have noticeably shifted from concerns over the tapering of quantitative easing to the positive underlying cause, namely the strength of the U.S. economic recovery,” Richard Hunter, head of equities at Hargreaves Lansdown Plc in London, wrote in an e-mail for Bloomberg. “With the second-quarter reporting season getting into full flow this week and next, hopes are high that corporations can improve on what is a fairly low set of expectations.”

The Fed would open to public the record of its June 18-19 meeting at 2 p.m. in Washington today. The S&P 500 has recovered all its losses following a 4.8% drop triggered after Fed Chairman Ben S. Bernanke said following the meeting the central bank may reduce its $85 billion of monthly bond-buying this year and end the program in 2014 as economic risks subside.

Most European stocks sank, after the Stoxx Europe 600 Index yesterday reached its highest level in almost a month, as a report showed China’s exports and imports unexpectedly dropped. Stoxx 50, FTSE 100 and Dax benchmarks remained slightly under the watershed.