(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.) (Updates after Fed decision) Nov 3 (Reuters) - U.S. stocks moved modestly higher on Wednesday after the Federal Reserve said it will begin trimming its monthly bond purchases in November with plans to end them in 2022. The benchmark S&P 500 advanced into positive territory after the U.S. central bank announced plans to begin tapering its bond purchases, a decision that investors had widely been anticipating. The Fed also held to its belief that high inflation would prove “transitory” and likely not require a fast rise in interest rates. In afternoon trading, the Dow Jones Industrial Average fell 73.13 points, or 0.2%, to 35,979.5, the S&P 500 gained 4.42 points, or 0.10%, to 4,635.07 and the Nasdaq Composite added 52.77 points, or 0.34%, to 15,702.37. (Additional eporting by Devik Jain and Shashank Nayar in Bengaluru; Editing by Marguerita Choy)