Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

U.S. Stocks Turn Lower Following Fed Meeting Minutes

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/03/2013 | 08:38pm CEST

--Stocks turn lower after Fed meeting minutes released

--Minutes show divide between members on when to halt bond-buying program

--DJIA down 10; S&P one lower

 
   By Alexandra Scaggs 
 

NEW YORK--Stocks turned lower after minutes from the U.S. Federal Reserve's December policy meeting put a damper on midday Thursday gains.

The Dow Jones Industrial Average declined 10 points, or 0.1%, to 13402. The Standard & Poor's 500-stock index lost one point, or 0.1%, to 1461, and the Nasdaq Composite Index pulled back two points, or 0.1%, to 3110.

Stocks turned lower after the Fed minutes showed a divide between members on when would be best appropriate to halt the central bank's bond-buying program. The record left little indication of which course the Fed would choose and said members expressed uncertainty about the benefits of ongoing purchases.

On the economic front, data on private-sector job growth for December, provided by Automatic Data Processing and Moody's Analytics, well exceeded expectations. Many see ADP's report as a preview to the closely-watched government employment report due out on Friday. But initial claims for jobless benefits rose by more than expected.

Still, after the ADP's report, two Wall Street economists raised their predictions for Friday's jobs report. Goldman Sachs economist Jan Hatzius raised his estimate to 200,000 from his previous target of 175,000. Credit Suisse also raised its forecast, to 158,000 from 165,000.

Retailers reported mixed sales growth in December, as investors sought to gauge consumer spending during the holiday season. Same-store sales rose 4.5%, above analyst expectations of 3.3%.

Family Dollar slumped 12% after the discount retailer reported fiscal first-quarter earnings that missed expectations and provided a downbeat second-quarter outlook given a challenging holiday selling season. But TJX Cos., which owns off-price retailers such as T.J. Maxx and HomeGoods, climbed 3.6% after it posted stronger-than-expected December sales and raised its earnings projections for the fourth quarter and full year.

Sales in some areas could have suffered from the down-to-the-wire nature of the budget compromise in Congress, said Jeff Savage, regional chief investment officer for Wells Fargo Private Bank, which oversees $169 billion in assets.

"Retailers would have appreciated an answer coming about 10 days before it did," he said. "Consumer confidence took a big hit toward the end of the year, and retail, therefore, took a big hit."

Write to Alexandra Scaggs at alexandra.scaggs@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
03:59aDJCorrection to Mauricio Macri's Policies Article
03:58a UTTARA FINANCE AND INVESTMENTS : Bangladesh sees remittance sink over 15% in July-August
03:58a APPLE : Govt to circulate Dept of Finance Apple briefing ahead of Dil sitting
03:47a Two worlds collide to lure more hoop fans
03:43a AMAZON COM : ‘We Will Revolutionise Online Sale of Jewellery’
03:39a VISHAY INTERTECHNOLOGY : Proximity and Ambient Light Sensor Offers Long-Distance Proximity Detection to 1 Meter
03:37a RELIANCE CAP TO EXPAND CUSTOMER BASE TO 50 MN : Ambani
03:37a MOODY : Landsvirkjun investment grade following Moodys upgrade
03:37a NASDAQ : no 56/16 Changes in CCP Capital Calculation Parameter
03:19a DEPARTMENT OF ENVIRONMENT AUSTRALIAN GOVERNM : Mandatory reporting of petroleum data consultation
Latest news
Advertisement
Hot News 
21.42%Twitter In Talks with Suitors, Including Salesforce, Google -CNBC's Faber
15.45%Endo International CEO steps down, Campanelli named successor
9.77%SANTANDER CONSUMER : USA to Restate Financial Reports
-5.17%FINISH LINE : Comparable Store Sales Rise
-3.52%AP MOELLER MAERSK A/S : A.P. Moeller-Maersk to Split Into Two Separate Divisions -- 4th Update
Most Read News
08:49p FACEBOOK : apologises for shutting down Palestinian journalists' accounts
06:20p MACY : Five dead in mall shooting; no link to terrorism found
08:34p CATERPILLAR : Gives the Gift of Power to St. Luke’s Foundation for Haiti
06:22p TURKEY TO CONTINUE ECONOMIC REFORMS : Deputy PM Simsek
07:04p INDUSTRIAL ALLIANCE INSUR & FIN SER : Director/PDMR Shareholding
Most recommended articles
03:26p Canada Unifor union sets tentative strike deadline for Fiat Chrysler
03:02p WELLS FARGO : Former employees file class action against Wells Fargo
05:45aDJGENERAL MOTORS : GM Shows Off Coming Diesel-Power Small SUV
05:45aDJForeign Jet-Fighter Makers Woo India
04:14a Takata failed to report 2003 air bag rupture to U.S. road authority