The major indices were each down slightly in midday trading awaiting Federal Reserve action today.

The S&P 500 was at 1,998.39, the Dow Jones Industrial Average at 17,138.48 and the Nasdaq at 4,552.46.

The yield on a 10-year Treasury bond fell 0.93% to 2.57%.

The price of gold was flat at $1,240.70.

HOMEBUILDING

Large OC homebuilders were up on the highest homebuilder optimism in 10 years. An index of builder confidence from the Washington, D.C.-based National Association of Home Builders rose four points to 59 this month compared to last month, indicating increased buyer interest in new homes. Economists had expected a slight increase to 55.5, and any reading over 50 is considered positive, the report said.

Irvine-based Standard Pacific Corp. was up 2.2% to $8.16 and a market cap of $2.3 billion. Irvine-based Tri Pointe Homes Inc. was up 2.4% to $14.37 and a market cap of $2.3 billion. Newport Beach-based William Lyon Homes was up 1.6% to $25.44 and a market cap of $794.4 million.

HEALTHCARE

Irvine-based device maker Edwards Lifesciences Corp. was up 1.2% to $102.36 for a market cap of $10.9 billion. Vancouver, Canada-based Canaccord Genuity Group Inc. increased its target price for the stock from $103 to $114 and maintained its “buy” rating.