During 4th of July Fireworks, a light approached the fireworks from the west. It was raining lightly at the time and the clouds were low. At first I thought it was a plane coming in to land at the State College Airport. When the light reached a point about 1/4 mile north of the fireworks (I can only guess the altitude - probably about 1500 feet) the light stopped in the sky and stayed fixed for a few minutes. I looked down for a couple seconds and when I looked back up it was gone. The light was bright enough that it obscured the shape of the craft. There were no blinking lights as you would expect from an airplane or helicopter. My position was about 1/3 mile east of the hovering position. When it was approaching, it was heading directly towards me.