(Reuters) - Wall Street was little changed on Wednesday as investors withheld bets ahead of a Federal Reserve announcement likely to detail plans to buy Treasuries in a bid to help the struggling economy.

Traders looked for volatility heading into the Fed statement, due at about 2:15 p.m. EDT, likely to be on the extent and length of the purchases -- widely seen to total at least $500 billion.

Anything less than that could stir the market, which has rallied in recent months on hopes of further monetary easing by the Fed.

The CBOE Volatility index .VIX, Wall Street's so-called fear gauge, rose by 1.3 percent after ending lower on Tuesday for the first time in nearly a week. The index usually moves inversely with the S&P 500, tracking option prices investors are willing to pay as a protection on the underlying stocks.

"We are currently trading in line with expected news, but that may well become a different situation come this afternoon, with the Fed announcement," said Arthur Hogan, chief market analyst at Jefferies and Co in Boston.

"In the short term, we are up 14 percent from September, with just two significant down days. It would take much to upset this market and see an easy three to five percent pullback if the Fed disappoints."

Markets had factored in big Republican gains in midterm elections, analysts said. Republicans took control of the U.S. House of Representatives and increased their ranks in the Senate, possibly heralding a legislative stalemate when the new Congress begins work in January.

The Dow Jones industrial average .DJI was up 7.08 points, or 0.06 percent, at 11,195.80. The Standard & Poor's 500 Index .SPX was down 0.37 points, or 0.03 percent, at 1,193.20. The Nasdaq Composite Index .IXIC was down 4.67 points, or 0.18 percent, at 2,528.85.

Hewlett Packard Co (HPQ.N) rose 1.4 percent to $43.49, the biggest gainer on the Dow.

In the latest economic reports, the U.S. services sector grew more quickly than expected in October and factory orders posted their largest gain in eight months. Also, a private report showed U.S. private employers added more jobs than expected in October.

World stocks hit a two-year top on Wednesday, while emerging equities rose to their highest level since mid-2008 as investors bet Fed actions would support the global economy.

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