Investors remained cautious ahead of the Federal Reserve's policy statement which was released this afternoon, suggesting that easing could be coming to an end, as risks to the economy have diminished since the fall. However, the Fed pledged, for now, to keep interest rates low and continue with its bond buying program.

On the economic front, the Mortgage Bankers Association is reporting a 3.3% drop in weekly mortgage applications from a week earlier, as interest rates rose for the sixth straight week.

In earnings news, FedEx (FDX) beat profit expectations for its fiscal fourth quarter, but the package delivery company posted disappointing guidance, sending shares lower today. Shares of Men's Wearhouse (MW) are also lower today after the retailer announced it has fired CEO George Zimmer.

Tomorrow, we'll take a look at the numbers for weekly jobless claims as well as earnings from Rite Aid (RAD).