Stocks held modest gains as voting members of the Federal Open Market Committee convened for their widely anticipated meeting. The Federal Reserve is not expected to raise rates at this meeting, but could signal a move for December. Ascena Retail Group (ASNA) tumbled after issuing a far weaker outlook than anticipated. The owner of the Ann Taylor brand said its performance during off-peak shopping periods has been inconsistent and below its own forecasts. Pier 1 Imports (PIR) climbed after Alden Global Capital disclosed a 9.5% stake. The firm said it believes the homewares retailer is at a "critical juncture" and sees its stock as undervalued. HD Supply (HDS) was downgraded to SECTOR PERFORM from OUTPERFORM at RBC Capital. Analysts said the company will likely take several quarters to fix the supply chain.
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